The Basics…3 of 4: Define what the benefits will be in doing the project.

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Third, what’s the value in doing your project?Many factors go into determining payback on your investment. From neighboring houses to market conditions to what you really want.

  • How do you know what you want is the ‘smart’ thing to do? Define what the benefits will be in doing the project.

    • What will it be worth when you are done? And in the future? Does the design appeal to others? Is it what most people would want? For the size of house? For the neighborhood? For the current economic conditions! You may have heard the phrase, “Don’t price yourself out of the neighborhood.” And it’s true. However, looking at your neighborhood, what the future holds is what is usually going on down the street from you.
    In a few cases, this may not have any bearing on what you want to do. But most of the time, it does. A poor design may actually deduct from your home’s value, or at least from the return on your investment. Adding some amenities to your home may not be valued as highly as others. Or your home may be considered a lost cause unless you invest a considerable amount of time and money. Only small upgrades make much sense.
    In some instances it may be best to “Go big, go small, or don’t go at all.” Don’t force what you want in a home just because you currently live there. Selling and finding a more appropriate house might be what is best.

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