You are finally going to be able to tackle the home remodeling projects that you had planned. After spending the last four years tackling some credit card debt that you incurred after a couple of rough health issues, you are finally back in a place where you have money is savings again. So much so, in fact, that you and your husband have both agreed that there is enough to prioritize the home remodeling projects that you have had on hold.
A couple of the issues like refinishing the wood floors in the kitchen need to be taken care of before the whole floor needs to be replaced. Even though it is a messy project, you have both decided that this is one of the priorities that will be tackled first. You also want to replace the 21 year old carpet in the house, but you are both certain that you want to have the messy and dusty job of refinishing the floor first before you think about bringing new carpet into the space.
The basement remodeling is a much more fun project, but taking care of the flooring issues on the main floors of the house seems like a better starting point. Both of you think that by leaving the basement until later, it will encourage you to continue to be better stewards of your money and saving the funds that are needed so that you can pay for these renovations in cash.
New Home Additions and Home Remodeling Projects Add Value to a Home
Although the financial investment that it takes to add a room or remodel an existing space can be substantial, it is important to remember that many of these projects have a pretty significant return on investment (ROI).
Instead of attempting projects themselves, as many as 87% of home owners indicated that they enlisted the help of a professional during their kitchen renovation project, according to the 2016 HOUZZ Kitchen Trends Study. According to other studies, the most common kind of home remodeling projects often involve kitchens and bathrooms. In addition to adding to the function of a space, bathroom additions offer an average of 86.4% ROI and even a minor kitchen remodel has an average return on investment of 82.7%.
Whether you are financing a project or have finally saved up enough money to pay for it a little in cash, many home remodeling projects add to the value of a home and are a wise decision.