Remodeling is a big investment. How big of an investment you commit to really comes down to what your plans are for the home in the future – are you planning to sell the home at some point, or do you intend to live there the rest of your life? Most of our clients base their home remodeling decisions on one of two goals: to increase the value of their home for resale purposes, or to improve their quality of life while living in the home. Which is a more important option to consider?
Every standard remodel will increase the resale value of your home to some extent, but certain remodels add more value than others. On the other end of the spectrum, certain remodels will end up costing more than you would ever get back if you sold the home with the completed renovations.
Should this be a part of your consideration as you move forward with the remodel planning process — to minimize the design and decrease cost — or is it more important for you to invest in a remodel you really want and that will increase the quality of your life in the home?
The first thing to ask yourself is how long you plan to be in the house. If your current home is where you plan to retire and live out the rest of your years, then you should definitely opt for quality of life over resale value. This might include choosing a more personalized design, splurging on higher-end appliances, or selecting upgraded materials.
Remodeling your home to improve your quality life might also mean incorporating universal designs for aging in place. Features such as curb-less showers, grab bars, widened doorways, walk-in bath tubs, chair lifts, and wheelchair accessible counters are options that might not be appealing to home buyers, but could really make an impact in your day-to-day life if you plan on staying in the home as you age.
If you already have plans to move or upgrade within the next several years, then start weighing the project cost and resale value each type of remodel can bring. For example, a full-gut kitchen remodel can easily cost over $50,000.00 – an amount that you most likely would not get back if you were to sell the house later on. In this case, smaller updates might be the better choice. You could simply replace the counter tops, invest in new cabinet hardware, or pick out a few new appliances or fixtures instead of completely remodeling the entire kitchen. Opting for minor updates can save you money and allow for bigger investments later on when you find your forever home.
While it is tempting to go all-in and commit to an extensive remodel, it’s sometimes better to invest in minimal upgrades that still increase the value of your home if you plan on selling later on. Once you find the home you intend to retire in, making big changes to improve your quality of life should be the end goal of your remodel.
If you have questions about remodeling or would like to discuss what options would be best for you, please contact us! We’d be happy to help!
The Medford Remodeling Team