Why the Cost of Home Renovation Is Worth It

As a project manager or general contractor, it’s common to find homeowners who are against home renovation projects, even when their buildings are old. Many see it is a waste of time and money, while some don’t see the value it adds.

While not all home renovation projects offer good returns, many are good investments and offer the best use for a homeowner’s money. Unfortunately, many project owners don’t know this due to the misinformation about home renovation projects. Hence, they forgo home renovation projects all together in a bid to save money.

Home Renovations And Costs

It’s no secret that home renovations are expensive. According to statistics, homeowners spend more than $300 billion each year on renovation projects. However, without factoring in the costs, home renovation projects are worth it.

Home Renovation

This Is Because They:

  • Upgrade a home: old homes can benefit from a renovation to eliminate outdated materials and fixtures that are not effective.
  • Add more living space: by adding home additions and extension, you can create more space without spending too much for the added square footage.
  • Add more comfort: installing new floors adds comfort to a home.
  • Make a house more functional: renovations such as adding storage space and changing the layout of a kitchen improves efficiency.
  • Lower your energy bills: by installing energy-saving windows, homeowners can lower energy loss, saving money on utility bills.

From this, it’s evident that home renovation projects have a high one-time cost, which lowers costs in the long run. This means a project owner can recover the costs of their initial investment over time. For example, instead of paying money each month to fix your old cabinets, installing new cabinets lowers maintenance and repair work.

Contractors should work with homeowners detailing the importance of home renovations and why the costs are worth it. This way, they can understand the value of renovation projects and make wise decisions. Also, as a project manager, you should explain to your project owner their renovation options and the long-term effects of making those choices. You can also give them alternative ideas to ensure their renovations are worth the cost.

As an expert, you can also help your project owner understand the current trends in their neighborhood to make sure their improvements align with the rest.

Important Note

The areas you renovate play a massive role in determining whether the renovation costs are worth it. Generally, renovations in the kitchen, bathroom, living room, and deck are worth the cost as they improve efficiency, functionality, and aesthetics. For instance, building a home addition to a house can increase its ROI by 50%. Of course, this depends on numerous factors, but if you’re strategic about your expansions, this percentage can go up.

In contrast, high-end upgrades such as importing tiles or using stainless steel appliances in your kitchen may not be worthwhile. Other renovation projects that aren’t worth the cost include:

  • Wall to wall carpeting
  • Invisible improvements
  • Overbuilding for the neighborhood
  • Swimming pools

Ultimately, home renovations costs are worth it when you utilize the right strategies. Contact Tru Builders if you need a home renovation.