In the renovations world, Return On Investment is a high priority. With this emphasis put on increasing the sale price of your home, it’s easy to assume the best time to renovate is immediately pre-sale.
However, there’s something counter-intuitive about putting your home improvement funds into your home without getting to enjoy it. Often, we have clients renovate for sale and wish they had renovated earlier so they were able to benefit from the new perks of their home with its newly improved look and functionality. If living in the renovated space for a few years doesn’t diminish its value with wear & tear, why not renovate early?
Your finances will thank you!
Doing a project or two each year, instead of multiple projects immediately prior to selling, lessens your financial burden immediately prior to buying new property. Some homeowners find themselves looking for properties double the price of their home, when they could spend smart on needed renovations early, and put off buying for a more necessary time. While smart renovations do yield high returns, spending all your renovation dollars hastily can be risky.
Enjoy your space before you sell!
Fall in love with a house for its top of the line kitchen? It’s possible upgrading your own kitchen will give you the same satisfaction without the hassle of moving. If the plan is to renovate pre-sale, renovating a few years prior to expected sale gives you a chance to use your space at its peak, while still profiting from your investment during sale.
Test-Drive your renovations!
Living in your renovated spaces also gives you insight on what is, or isn’t worth working on in your next home. A more functional home helps homeowners save time and energy. When you improve use of space in your home through renovations, you may notice your previously cramped space is actually bigger than it seems. Renos are not one size fits all, and even projects with high ROIs may not be worthwhile for your living space. Put together a check-list of renovations you found ideal for your family, and keep this in mind when you purchase and remodel your new space.
Renovating early allows you to experience your home at its best and come up with a checklist for your future home without sacrificing financial return on your investment.
