The key to any successful renovation is to have clear objectives, with your priorities being defined by how the cost of the project compares to the convenience, comfort, efficiency and/ or value it contributes to your home. Of course, you can aim to achieve more than one of these results, but in the end the budget and schedule should be in line with the merit of the project. For example, most popular renovations – like kitchens and bathrooms – offer both immediate and long-term benefits for both the residents of the home, as well as the homeowner/ investor. Yet, if you want to focus on investing in your home’s worth, your project costs and material selections should be made with regard to when you hope to profit from a sale.
A short-term investment requires a keen awareness of your property’s competitive ranking in the current marketplace. If the objective of improving your property is to improve the short-term value and marketability of your property, relative to other listings, you should spend the minimum amount of time and money on your project and focus on getting listed quickly. On the other hand, a long-term investment might call for more careful design and higher-quality materials that are long-lasting. This helps ensure the value of a renovation designed to improve the comfort or convenience of your home for your own benefit will remain substantively valuable well into the future, in the event you decide to sell. Whatever your reason to renovate, for now or for the future, feel free to ask how it may serve you best.
