One of my favorite questions is when friends reach out to talk with me about updating their home. They ask questions like “how much will I get back if I remodel my kitchen”, or “We aren’t moving, but I think we might put on an addition to our house, will we get that money back”?
Short answer: there is no money back guarantee. You must consider financing and scope of the project. Are you remodeling your home in order to bring you joy and make it more functional for your family? Or, are you updating big ticket items such as a roof or windows as part of home maintenance? (Personal note: the first option sounds much more fun, we have been mostly plagued by option two!)
My response is usually the same: “Well, I think it would be easier to just move, let me help you with that”. Just kidding! Deciding to undertake a remodel is not a small decision. You have to consider if you are paying cash for the project, or financing. Are you taking equity out of your home to complete the project. There are certain big ticket items that buyers of your home expect to be functional (think boring, but expensive). Do these things first!
- Waterproofing & foundation repairs
Then it’s the fun stuff:
- Master Bath
One of the reasons I love this topic is because we have personally done all 5 of the boring items on this list, as well as our basement and some landscaping. I understand that the updates and changes you make to your home matter. I will never forget that Nate and I almost purchased an older home in the Chicago Suburbs (Barrington, Illinois). Our realtor so casually mentioned to us that we could just “blow the roof off and remodel the upstairs” as if a project like that was not a big deal. All projects done to your home are a big deal because your home matters!
I can share with you a document which shows the contributory value of each of these projects that corresponds with the price range of your home or connect you with reliable contractors. Please reach out.
Like many of you, 2020 was the year of home updates, new roof & windows: