Ultimately, the worthiness of a home remodeling project comes down to what it will add to your quality of life. The value of walking into a space and having it feel like an external manifestation of your soul is, quite frankly, priceless. But try explaining that to your financial advisor…
So, for all the left-brained and super-analytical people out there, here are five factors to consider when determining if your home remodeling project is a smart money move.
1) Tap Into Your Inner (or actual) Realtor
Is the project in line with what buyers are looking for in your neighborhood? Take a look at recently sold and for sale/rent listings in your area. What themes do you notice? Better yet, if you have a realtor friend, pick their brain on this question. The answer can differ from one Melbourne neighborhood to another! In general, here are some characteristics that we know resonate with clients in our area:
Kitchen and bathroom upgrades. These projects are universally a no-brainer. Of course, what “upgrade” actually looks like differs from home to home, but adding storage space, high-quality countertops, and modern appliances are always crowd pleasers.
Outdoor living spaces and gorgeous views of those spaces. Think about pocket sliding doors, well-designed patios, and features that make the outdoors more comfortable.
Energy efficiency. We love the environment here on the Space Coast. Focusing on sustainability and decreasing utility costs is a great move. That’s one of the reasons we love upgrading our clients to impact windows and doors!
2) Common Sense Improvements Win Every Time
Does the project offer a timeless improvement? If the functionality of a home will be improved, that’s a good indicator to move forward. Specifically, consider what will add more living space, improve energy efficiency, and alleviate safety concerns.
For instance, you might have an outdated bathroom that has a deteriorating bathtub or shower floor. Yes, it would be amazing to swap that eyesore for some Insta-worthy tile work, but also, moisture could be seeping into cracks that have developed over time, thereby causing mold and water damage issues. That bathroom remodel is a win today, and for years to come!
3) Think Past the Honeymoon Phase
Do you have a clear idea of what maintenance will be required? That fancy natural stone backsplash is gorgeous, we agree. However, it can be prone to staining and discoloring if not properly sealed and maintained. And some well-intentioned helper could take a scouring brush and harsh vinegar to clean it up, making the whole situation worse!
At Highgrove, we remind our clients to think through the practicality of materials and projects in addition to the design and cost components. It’s not the sexiest part of renovation, but it’s an important consideration — regular upkeep helps preserve the value of your home and prevent costly repairs in the future. Neglecting maintenance can diminish the ROI over time.
4) The ROI May Not Be Immediately Obvious
Keep in mind that some renovations may not provide an immediate high ROI but can be beneficial in the long run. For example, energy-efficient upgrades or sustainable features may not yield significant returns upon resale, but they can help reduce utility costs and attract environmentally-conscious buyers.
5) Look for Quality and Craftsmanship
Imagine going through all the above considerations and determining your kitchen remodel is an excellent investment, only to find out after the project that the budget contractor you hired cut a lot of corners, and fixing his mistakes will lead to overspending. That’s why at Highgrove, it’s so important to us to do things the right way from the beginning and to focus on high-quality workmanship and materials.
The question of ROI is a tricky one. It can vary based on individual circumstances and market fluctuations. It's always wise to do thorough research and consult local professionals. We are happy to talk through it with you so you walk into your project with confidence. Reach out for a free quote today!