Many homeowners, either, discover, or strongly believe, either immediately after their purchase, or at some future point, they need to perform certain renovations, to enhance their enjoyment of their residence! Many factors go into, making the best decision, for the specific individual, and house, including emotional, hopes, etc, as well as financial considerations, and the potential, Return on Investment, or ROI. With that in mind, this article will attempt to identify, examine, consider, discuss, and review, 6 of these options and/ or alternatives.
1. Needs: What do you need, from your house? Is the potential renovation, based on a genuine need, or, rather, other factors and/ or, considerations? Our needs, include the type, size, and design – factors, involved, family considerations, structural issues or potential ones, etc.
2. Wishes: Sometimes, we are simply, not fully satisfied with certain aspects of where, we reside! If one can afford to renovate, he must clearly identify, why he feels a specific way, and determine the best, and most practical, realistic, fiscally responsible approach.
3. Property/ zoning considerations: Most areas have building regulations, requirements, and restrictions. Some limit the permissible, total size, or square footage, of a house, in relationship, to the size of the property. Others have strict requirements, which limit what one is allowed to do, and, thus, it is wise, to balance, the costs and limitations/ restrictions of renovating, or whether it would make more sense, to sell one’s existing home, and relocate, to some place, which better fits one’s needs and requirements.
4. House’s limitations: Are there any structural limitations, which might adversely impact, the advisability of renovating your house? Consider costs, expenses, limitations and possibilities/ potential, when deciding whether, it makes sense, to renovate, rather than relocating!
5. Personal finances: Realistically, objectively, introspectively, examine your personal finances, and whether, you will be comfortable, with the additional, immediate costs, as well as monthly commitments, which expanding and renovating, will introduce and demand! The happiest homeowners, are those, who enjoy their houses and homes, but, limit the degree of financial stress, involved. Know yourself, and what works best, for you!
6. Present and future considerations: Do you presently have a growing or reducing, family, or will you in the foreseeable future? Do you intend to reside in your current house, for a longer – term, or do you perceive this residence, as a starter – home?
Measure whether it makes sense to renovate, as well as the best way to proceed, in terms of present needs, costs, affordability, and future considerations! A wise homeowner, is a happy, satisfied one!