When people want to do a home renovation project, one of the first things they ask is, “How much will it cost?” Homeowners and investors both want to know. But answering this question is tricky, just like figuring out the cost of a car.
Think of a renovation like getting a new car. There are so many choices, and each one adds to the cost. Imagine a basic pickup truck starting at $25,000. But if you add cool features like special wheels or a fancy sound system, the price can jump to $50,000 or more. Why? Because people want to make sure their investment is exactly what they want!
You can compare this to when people upgrade their cars within the first five years. They do it because they understand the importance of getting what they want from the start. Just like how you spend 30 minutes or more in your car each day, you want to be comfortable and happy with it.
The same idea applies to renovating homes.
For homeowners, a renovation helps create the living space they want every day. Picking the right options is like customizing your living space to fit your style. Most homeowners choose renovations that make them happy for a really long time.
For investors, it might seem smart to go for the basic stuff. But sometimes, adding special features can make your property worth more, let you charge higher rent, and attract the kind of tenants you want. These features could be things like fancier countertops, cool tile in the bathroom, or nice flooring instead of carpet.
Unfortunately, some people only think about the cost and choose the cheapest option for the home renovation. They might hire a cheap contractor, and that usually means the work is not great, there’s no warranty, and they end up unhappy with their new space. This can lead to regret and even more spending later on. So, it’s important to think beyond just the cost and make choices that will make you happy in the long run. Just be sure to properly interview the contractor before your home renovation.