What’s the name of the game? Return on Investment! No one wants to feel like they’re throwing money away or not getting the best quality or outcome for what they’re spending. Especially when it comes to our homes! We want the very best when it comes to our homes and we want to know that the funds we are putting into it are a good investment and will yield good results aesthetically and financially. A renovation or re-design of a part or all of your home takes time, energy and most importantly…money. Good renovations aren’t cheap and cheap renovations are good! But how can your reno bring return? We’ll be your home design investment guide for a great outcome!
First, let’s look at some statistics regarding home renovations. Looking at the facts and doing your research is always the best starting point when planning a home project.
What we want to determine next is, if this isn’t your forever home, do you have a timeline for how long you’ll be in your home before putting it on the market? If this is your forever, you’ll reap the benefits of your renovation on a personal level by loving your space and enjoying it for years to come. But, if you know you’ll be ready to sell in the next few years, there’s some really important notes to take here. The biggest being stylistic depreciation, aka applying trendy styles to your home in a permanent way. Certain design fads and color schemes will be increasingly popular for a period of time (i.e. honeycomb tiles, gray washed flooring, shiplap, the all neutral palette) but these trends don’t last and new ones move in. So if you invest your money into a trendy bathroom or kitchen, trendy flooring or cabinetry, and then put your home on the market 3-5 years later, this could have a negative impact on your resale value. If you want to go trendy, do it in ways that can be easily and inexpensively updated, such as area rugs, accessories, or even pieces of furniture.
Another big thing to consider is your neighborhood and location. You don’t want to pour a ton of money into a major renovation that is going to place your home’s resale value above the ceiling of your surrounding area. Maybe instead of doing a $50,000 intense kitchen renovation that will put your home out of the area’s market value, give $25,000 to the kitchen, $10,000 to bathroom updates and $10,000 to the curb appeal of the home. Take the additional $5,000 leftover and give your home some fresh coats of paint and some new styling. This will make your home dazzle on the market without putting it out of range of the comparable real estate.
Ok, so let’s talk about hiring the professionals to do their jobs. Many of us want to believe, or maybe we really are…that we are very handy and DIY experts! And even if we are, when it comes to increasing the value of your home and obtaining the best return for our home projects, please let the professionals do what they are experts in. Anything that falls outside of the scope of simple style updates, it is wise to hire someone. A home renovation project can be stressful and overwhelming already. Do you really want to add messing up your plumbing or comprising the structural integrity of your home to it? For any kitchen, bathroom, walls coming down or going up, flooring coming out or going in, additions, etc, hire a professional. It’s not worth it to try to save some money by doing it yourself when it could very well end up costing you more.
Materials, materials, materials! This is where you can make or break your investment. Choose the right materials and you secure your investment. Skimp and try to save a few bucks on cheaper materials, or only choose a material for its look and not its quality, and you can bet you’ll regret it in the long run. That being said, don’t break your bank or budget just for the most expensive materials out there. Make sure the materials you choose strike the right balance between price and longevity. A few other things to consider, are the materials the right fit for your region and climate, are they readily available to be ordered, what are the shipping/freight costs associated with them? All of these are important to ensure the lifespan of your project timeline and the life expectancy and durability of the material. You don’t have to choose the most high end materials to get the most for your money, just be sure it’s the best fit for your project!
And last but not least, when it comes time for your home renovation, bring in the designer! This goes back to what we previously discussed, hire the professionals. Bringing a designer into your process will always elevate the return you see. A designer will not only make the process for you easier, but they can provide the expertise on the best use of your space, the best layout, the best materials and finishes. They are often your liaison between you and contractors/vendors. Designers know the project from inception to completion and can provide the quality execution needed to produce a well done home investment. Schedule an appointment with Bella Home Interiors to kick off yours!