4 Things to Ask Yourself Before Doing Major Renovations to Your House

Thinking about a major home renovation? You’re probably dreaming of a brand-new kitchen, an open-concept living space, or maybe even that spa-worthy bathroom you’ve always wanted.

But before you pick up a sledgehammer and go full HGTV, it’s worth asking yourself a few questions. After all, the road to a Pinterest-perfect home can be a bumpy one, and sometimes, it’s paved with unexpected costs, and a few “Why did we think this was a good idea?” moments.

So before you dive into a major project with a hefty price tag, ask yourself these four important questions to make sure it’s a wise decision:

1) “How long will we be here?”

Before ripping out cabinets or adding a second story, consider how long you plan on living in your home. If the answer is “forever,” go wild!

But if you’re thinking more along the lines of “five years, maybe less,” you might want to scale down those renovation dreams. The last thing you want is to sink a fortune into it, and go through the stress and mess of it all, and only enjoy it for a short time.

Especially if it doesn’t make you more money on the sale of your home…

2) “Will it improve the value of the home more than the cost of renovations?”

Many homeowners believe that no matter what improvement they do to their home, or how much they spend, it will make their home worth more money. Well, it usually does make it worth more money, but not necessarily as much as homeowners expect it will.

A lot of home improvements will add some value to a home, but don’t actually produce a positive return on investment. For instance, according to a recent HGTV article, there are only three projects that typically have a positive return on investment, and they’re not sexy projects, unless you consider new garage doors and front doors sexy…

No matter what project you plan on doing, go into it knowing that it won’t necessarily add a healthy profit onto the value of your home when you sell it.

3) “Do I care if it doesn’t net me a profit?”

It’s not a big deal that a project won’t turn you a profit, if you’re planning on living in the home for some time and it’ll bring you enjoyment! Sometimes, you just need to treat yourself, even if that means your renovation doesn’t pay off in dollar signs.

Maybe your newly minted home theater won’t add much to your property value, but if it adds endless movie nights with friends and family, who’s counting? Just make sure you’re comfortable with enjoying the upgrade for yourself and not relying on it to pad your wallet when it’s time to sell.

4) “Does it make more sense to just move?”

Sometimes it’s easier (and cheaper) to pack up and find a house that already has the features you’re after. If your dream kitchen or bigger backyard is going to cost as much as a down payment on a new place, it might be worth asking if it’s time to start house hunting instead of hammer swinging. Moving may seem like a hassle, but so does living in a construction zone for the next six months!