Home renovations for fun and profit
Considering a home renovation? What is your motivation: The simple pleasure of a new, renewed living space or the potential of increased property value? Or is it both?
We shop for a car driven by emotion even though we chide ourselves into believing we are making a very thoughtful, strategic, emotionless choice. We research, compare and guard against high-pressure sales people to ensure we get the vehicle we want, on our terms. We want a vehicle that increases our quality of life, one that will not cost us too much and will retain some value. But when it comes to home renovations, home additions and home upgrades, do we use the same approach?
A home renovation and improvement project can certainly enhance your quality of life while boosting your home’s resale value. But where the line gets drawn can be a bit nebulous when dealing with money spent on an appreciating asset (house) versus a depreciating asset (car).
Differentiating what you need in the renovation, addition or modification from what you want can be challenging. At Outlook Project Management, we have dealt with many such challenges, and have developed our Proven Process to help guide clients through these decisions.
So the question becomes: what renovation project should you focus on to better your quality of life while adding the most value to your home? These are the big four.
- Income generating suite
- Flooring and fixtures
In the first of four posts, Outlook Project Management will look at renovation motivations and strategies which will lead to immediate and future benefits.