Home improvement — the name alone implies that every project is an actual improvement. However, as many DIY home renovators have come to learn, that’s not always the case. Not every project goes as planned, and sometimes, even perfectly executed projects don’t end up adding much value.
There are times when it’s worth it to tear down, rebuild, replace, and renovate. Then, there are times when it’s not worth the time, effort, or money for the changes.
Knowing the difference between these two scenarios is vital if you want to maximize the value of your house without emptying your wallet.
Learn from these four scenarios the next time you’re trying to decide if that gnawing home improvement project is worth it or if you’re better passing on it.
1. When You Need to Move Fast
If you’re already packing boxes or Googling things like “sell my house fast Tacoma,” you might want to pass on the home renovations for now.
Usually, when considering putting a house on the market, some renovations can help you raise your listing price and get a better offer. However, a home that’s already on the market or needs selling fast presents a unique situation.
In this scenario, time is more important than money. Even if you sacrifice a few extra thousand dollars to your listing price, you’ll be more likely to sell the home quickly, which is a more considerable benefit to you.
2. When You Want to Sell Next Year
Suppose you’re considering selling your home in the future, but not in the immediate future — more like in a year or so. Planning out and executing the most value-added renovations can be a great way to boost your listing price and ensure you end up with more money in your pocket.
Some of the most lucrative and valuable upgrades you can do include landscaping, curb appeal, outdoor decks, kitchen remodels, and additional lighting.
Spend your time and money on these areas, and skip spending on things like fixtures and window replacements.
3. When You’re Becoming Empty Nesters
If you’ve lived in a home for a long time with children, things can feel different and foreign once they leave for college or move out on their own.
An empty nest presents an excellent opportunity for the renovations you’ve been pondering for years. You can make the home feel like yours again in new and exciting ways.
4. When It Costs More Than Its Worth
When you’re considering a home improvement project that will cost more than the added value if you decide to sell, you should think long and hard about whether it’s worth the investment.
On the one hand, say it’s imperative to you, and you plan to be there for many more years. It might be worth it despite the cost.
However, on the other hand, suppose you won’t be there more than a year or two. Suffice it to say, if you can’t justify the upfront cost, skip it.
Re-Evaluate Before You Renovate
Before taking e a hammer to the wall or putting in that new landscaping, take a moment to re-evaluate your home improvement projects. While the idea of home improvements might be exciting, the timing and the cost might not align to make the upgrades or updates worth it. These examples illustrate that perfectly, so think and think again before you get to work.