Why are you remodeling? If your main goal is to increase the value of your home, keep in mind:
- The costs for your remodeling projects should be based on the value of your home. Investing too much or too little could lead to a poor return on investment or a home valued outside the local market expectations.
- Your home size and your neighborhood should be considered too. If your improvement or remodeling project are extensive compared to the rest of the neighborhood or size of the home, then a high expectation of return on investment may be unrealistic.
You should always consider function and livability, especially if you plan on living at the home for some time to come. You might even love your updated home so much that you forget about any notion of selling and moving out. At the very least, you’ve considered function and flow which can also help resale!
Remodeling Magazine puts out a great report each year which covers costs vs. value: costvsvalue.com.