How to Budget for a Home Renovation

Homeowners often ask how they should spend money when upgrading their homes. Which room should get more money? What about the quality of the materials and selection of furnishings? Will I get a return on my investment? Let’s dive into these tough questions.

When a couple or an individual finally has the income to get what they really want, they may be confused about what to do with their house and how much to spend. There are three main reasons to invest in your home.

3 reasons to spend money on a home renovation

  1. To maintain the value of the home
  2. To get a return on the investment
  3. To spend money on yourself and your family

#1 To maintain the value of the home

People hire a home remodeler because the kitchen cabinets are worn out, the flooring is rough, the siding doesn’t look fresh anymore, windows are leaking, or there are other problems with the house – it’s falling apart.

Or the home was originally made with lower-quality “builder grade” products. After a while, some of the materials are wearing out or the home is out of style.

So they need to do these improvements and spend money just to maintain the value of the home.

#2 To get a return on the investment

Residential remodel clients often ask, “Am I going to get my money back?”

People usually ask this question if they plan to sell the home someday and buy another.

Done correctly, with the right strategies, it is possible to recoup the money spent on a home remodeling project. We can combine the best architectural and interior design features to make a sound investment.

  • Develop a high-end home design.
  • Select nice, high-quality items that are going to last.
  • Install the materials and furnishings with talented craftsmen.

With a professional residential design firm, over the long term, the home is going to increase in value and hold its value for a long time. So you will get your money back.

#3 To spend money on yourself and your family

It’s your home. It’s your most treasured space. It’s where you keep all your belongings. It’s where you have intimate moments with your family and friends. It’s only natural to spend money on something so integral to everyday living.

We buy cars, boats, motorcycles, and other fun toys that don’t offer a return on the investment. We only get the fulfillment of their use.

So a certain portion of the money you spend on a home is not about a return on the investment. It’s about your family and the fulfillment you get from the memories in the house. It’s about making spaces that bring people together.

The most important reason to spend money on your home is for your own enjoyment.

Don’t remodel to sell it. You don’t know what the next homeowner’s style will be. Remodel for yourself.

Keystone Creative is an award-winning residential design firm, specializing in whole-house transformations and new-home designs. The team reimagines kitchens, bathrooms, bedrooms, living rooms, and even laundry rooms to fulfill homeowners’ dreams and increase the value of homes. Keystone Creative can handle the entire process, from the initial concept and detailed blueprints, to interior design and material selection, to construction and quality control management.

Similar Posts