First and foremost, have a detailed plan and budget. Break it down into needs and wants. If you need to do to utilize where you live to the fullest, it is likely a good idea. However, be very careful about your wants. Really take the time to understand that your want may not ne a good financial strategy. That doesn’t in any way mean you shouldn’t do it but know that it is because you want to not as an investment.

 

One of the first things that we learned during the Pandemic is that we want more room. However, just bigger is not going to help your bottom-line necessarily. Where the added space is, and its purpose really matter. Get a real estate professional to talk through what pays-off.

 

When it comes to the financial return on investment some remodeling just makes more sense. Just fixing up your landscaping can return you over 100% on your money – for almost everyone, because mature landscaping is worth more, should do this before anything else.

 

The other spots that often satisfy both wants and needs are bathroom and kitchen remodels and they are usually are worth it. So are attic conversions and new windows. However, swimming pools and entertainment systems usually don’t pay.

 

Angela Mae for GoBankingRates.com writes as a summary, “ If you’re considering a home renovation project, think about the total cost and time commitment of that project. Ask yourself why you want to do it, and whether you plan to sell your home in the near future. Depending on your answers, it might not be worth the money.And if you still want to make some changes, go with low-maintenance or eco-friendly additions that appeal to most buyers. Give your appliances a face lift, splash on a new coat of paint, or upgrade your curb appeal. These are the types of things that can add value to your home without the hefty cost.”