Should You Remodel a Home for Yourself or for Resale Value?
When I meet with a residential client for the first time, I sometimes get asked if their ideas for improving their home are crazy. They’re worried that they’ll regret their decision if they ever decide to sell their home.
Over-investing in one’s home is a common fear, I’ve even seen this with clients that happen to be real estate agents. There are a few things that I ask my clients to think about when they’re a bit hesitant to move forward with a major remodel.
Do you plan on moving anytime soon?
So far, all of my clients have said no.
The reason most homeowners call SG23 Design is because they’ve already lived in a space for years that doesn’t work for them and they haven’t figured out a solution. That’s right, most people wait years to address an issue in their home that annoys them on a pretty regular basis. Sure, it’s sometimes about budget, but more often, homeowners just get used to living with a crowded bathroom, an outdated kitchen or an awkward master suite layout. On top of that, the thought of a remodel disrupting the day to day can seem overwhelming.
Living through a remodel can be very stressful, but the payoff of is well worth it. You deal with the stress for a few weeks (perhaps months if it’s a huge remodel), but you get to enjoy those custom designed spaces for years. Even a morning routine can change dramatically.
If a remodel is feasible, consider whether or not feel like you would like to continue living with a dysfunctional space for an extended period of time.
Why wait to renovate for someone else?
Did you make a ton of improvements to your first home to make it more appealing to potential homebuyers? Once you sold the home and started packing, did you wish you had more time to enjoy your freshly redesigned home? This happens all the time.
So many homeowners improve their home when they’re ready to sell. So essentially, they’re renovating their home for someone else to enjoy. If you plan on living in your home for an extended period of time, why not invest in your home so you can enjoy it while you’re living there? Life is short.
Most people love additional function
Perhaps you love to cook—you probably want a great kitchen layout. Who wouldn’t? When we redesigned the Cherry Hill Kitchen we extended the countertop so that it resulted in the creation of a U-shaped kitchen with much more cabinetry, an under-counter microwave and a breakfast bar adjacent to the den. Functionality sells. If the homeowner did decide to move down the line, a potential homebuyer would love the new layout as opposed to the awkward space that used to exist. The fresh materials and finishes are an added bonus…
When we redesigned a full bathroom in Pitman, New Jersey the main priorities were a soaking tub and more storage. If you’re going to have a tub, you might as well have one you’ll actually use. Also, I’ve run into very few homeowners that don’t want more storage space.
If you design for function first and aesthetics as a secondary component it’s a much safer investment. You can argue with someone forever in regards to what looks good because it’s subjective, but function is pretty straightforward—it either works or it doesn’t. If you do end up selling, most people would invite functional improvements made to a home, it gives them less to change when they move in.
Take it with you
If you’re still afraid to over-invest given your location or because you’re unsure how long you’ll stay put, you can still re-design the home to fit your lifestyle. Updating moveable items like furniture, artwork, accessories and paint colors can have a huge impact without diving into a full-fledged remodel. If you do move in the near future, you can likely reuse most of these items in your new space.
Remodeling can keep you in place longer
If you absolutely love your neighborhood or your short commute to work, perhaps remodeling is the solution rather than moving to an entirely new home. My clients are often shocked when we review the design possibilities for their home. Just reworking a floor plan can make the spaces work more efficiently and eliminate wasted space.
We’ve also come across clients that want to redesign for aging in place. Meaning that they’d like to live in the home for as long as possible, while also taking into consideration that things like their mobility may change. For example, on an aging in place project we’ll add grab bars to a bathroom for safety.