Studies done by do-it-yourself enthusiasts have estimated that as many as 80% of Canadians would choose to update before they would move onto another home. The reason is twofold, moving is a monstrous pain in the butt.
The second reason, you can upgrade your home nowadays without a contractor and with very little money if you are willing to put in the time and creativity to renovate a space. Do-it-yourself centers, along with the information on the internet, has opened the potential for anyone wanting a change to pick up a hammer and a crowbar. When doing your home remodel, it is important always to prioritize what a need is and what is a want.
By definition, needs are things that we absolutely can’t live without. A want is something that would be really nice to have. The problem is that the line between the two can often become blurred when it comes to your home. Many times there are things that you think you have to have, but in reality, you can do without.
Before you pick up a paper and pen to draw out your newest do-it-yourself project, it is important to list pros, cons and cost to benefit, not only for the cost involved but the time it will take to complete. Follow these rules to know which column your newest project belongs in.
Will it help the safety of your home? If you have outdated electrical systems, termites, or a sinking porch, those are all things that contribute to how safe your home is for its inhabitants. Projects in this category are needs, not wants.
If you are moving long distance you may want to have that beautiful chandelier placed in the dining room, but that only passes into the need realm if the electrical work needs to be updated and someone is already redoing the electricity. It is critical to ask yourself if your home improvement idea will make your home safer.
Will it stop the decrease of the value of your home?
There are certain things like painting the house or repairing the porch that are hard to stomach. Another hard expense to incur is fixing the roof. No one is ever going to see a leaky roof or the new shingles that likely will cost tens of thousands.
If you don’t repair these types of things, however, you are going to be decreasing the value of your home. Curbside appeal is a big value builder, as is keeping the roof safe from water damage. Remember you can either put out the money now or you can really pay later. Halting those things that decrease the value in your home are always needs not wants.
Will making improvements increase the value of your home? Now, this may seem like the same classification, but it isn’t. There are things that you can do to your home that will cost you little but will increase the value of your home in a big way. These are technically needs, not wants. This is the category such as building on a master suite or adding another bedroom. Kitchen updates are also in this category. If you want your home to maintain its value, you have to upkeep it by making the necessary improvements that allow you to cash in, in the end.
Can you live without it?
If it isn’t broke, don’t fix it, is sometimes the smartest advice someone can give you to your home improvement project. If you have tile, that is unexciting, and you just want to add some pizzazz that is a need, not a want.
Pulling out perfectly good tile to supply you better scenery when you hop in the shower in the morning is not going to do anything to increase the value of your home. It is also not going to be free. It is always a good idea to decide what you really need to do to keep the value in your home and what you would like to do to make it more aesthetically pleasing to make you happy.
It isn’t that home improvement projects shouldn’t be partaken when you want. It is just that before you throw money at things that aren’t going to help your equity, you should first take care of those expensive things that no one wants to have to spend the money on, but they have to.