Renovating? Why Expensive Doesn't Always Mean Better



Deciding to renovate is a big deal. Every year, many homeowners choose to take the plunge into tearing up their kitchens and pulling up the flooring in their living rooms and bathrooms. But renovation can become expensive, and you need to determine whether it's worth your time and money. Renovating isn't always necessary or beneficial to every homeowner, and these are some of the reasons why.

Quality Options for Less

It's tempting to think that because something costs more that it's actually worth more, too. This isn't always true. Some products are overpriced in the stores, depending on whether you pay full price or shop the sale items. Also, there are many places to find great deals if you're willing to look around. For instance, you might be able to find some of the materials that you need at a restore, such as Habitat for Humanity ReStores. Otherwise, if you need to buy in bulk quantities, you can try to find a contractor's rate.

You Might Not Get Your Money's Worth When Selling

One of the main reasons that people renovate is to get a higher price when they sell. But if you decide to renovate, you need to make sure that you'll get a return on your investment. There are plenty of areas that you might not necessarily even get your money back, and you need to budget so that you're making choices that will get you the biggest return on investment. 

Unless replacing a certain portion of your house will help it sell faster or get you more money, it's probably not worth going through the hassle of tearing up your kitchen and bathrooms. You don't want to price yourself out of the market value of your neighborhood. One of the rules of renovating is to consider the value of surrounding homes, as they tend to set the bar for what buyers will be willing to pay for a home in that neighborhood. Say, for instance, that the average cost of the houses on your block is $250,000. It's unlikely that you'll get $400,000 even if you renovate and have the nicest house of the block.

If You Won't Enjoy the Upgrades

Just because a certain type of lighting fixture is in all of the magazines doesn't mean that you should get it just because it's popular. Home trends can fall out of fashion very quickly. Think about what you actually enjoy and tailor your projects around your tastes. If you have no interest in sealing granite countertops a couple of times per year, don't feel like you need to get them to fit in with the crowd.

While many homeowners choose to renovate, that doesn't mean that you need to, as well. If you choose to make changes to your house, then budget for your renovations, and make sure that you'll get some kind of return on your projects.

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