Understand your personal renovation motivation
Who are you doing this for and do you plan to sell your home in the future? A lot of homeowners think that making improvements will automatically make their home worth a lot more, but the math isn't that linear.
Putting thousands into your kitchen doesn't make your home automatically worth that much more. According to Remodeling's Cost vs Value report, homeowners can only expect to recoup between 50% and 70% of kitchen remodeling cost depending on the project scale. If you plan to stick around for 10 to 20 years and will get a lot of personal enjoyment out of it. If you hope to increase your home's value, you'll need to make thoughtful design choices (rather than highly personal ones) about what you want it to look like.
Maybe you just need more space, a more functional layout or wish to make your home to your tastes. Just get clear on that before you invest in improvements and design that may not align with your long term housing and financial goals.
Things to consider
Project Motivation | Considerations |
Increase resale value | Consider your resale timeline. Sell too quickly, you probably won't get your money back. Wait too long and what's new will feel old again to buyers. If selling is part of your plan, make design choices that will appeal to a broader audience. |
Making it your own | Really figure out what you love and expand your design horizons. Craft something personal. Understand that if you have to move, buyers may not share your unique tastes & preferences. |
Improving functionality | There are easy ways to make a home more functional (adding custom closets) and more expensive ways (creating an open floor plan). Hire a designer to help you with layout options. They may have some ideas you haven't though of yet. |
You need more space | Make sure making an addition to your house makes sense. Additions are expensive and it may be easier to look for a different house. |
Modernizing finishes | Be mindful of trends. Trends come and go, while some designs have a lot more staying power. |
Your motivation may not be on this list. But it's a good idea to plan thoughtful. Before you renovate, ask yourself these three questions and refer to the table above:
Do you plan to sell move in the future? If so, when?
Do you expect an ROI on your renovation investment?
Who are you doing this for?