Does Home Improvement Make Sense?
Obviously there are a variety of reasons why you’d consider completing a home improvement project at your house. And many of those projects may be more of a necessity than an option. But at what point does a home improvement project make sense financially?
Take replacing your windows with high efficiency windows for example. I don’t believe it makes sense financially to do this as the energy savings are minimal and the cost of the improvement is great. But, all of that changes when you take into account resale value of the home. Upgraded windows may not save all that much money, but the appeal of “green” updates to your home can get buyers more interested.
Not all upgrades are done for cost-savings purposes, but all upgrades should take into account the impact of your home’s value in the long-term.
Upgraded counter-tops, custom deck or patio, even new exterior paint. None of these pay for themselves in the short-term financially. But when you go to sell your home, each of these can pay for themselves or even make a profit in the long run.
So next time you’re considering a home improvement project, take into account more than the short-term benefits.