Judging the Value of Home Improvement Projects

Whenever you hear the word ‘improvement’, you’ll typically think that something is getting better. However, there’s the matter of something becoming more ‘valuable’ or not as well. And that’s when you have to put your thinking cap on in terms of home improvement specifically. Some questions to ask will be surrounding the idea of value outside of the scope of the ‘improvement’ concept.

Consider the five topics of the home as a whole, the individual return on investment you can expect, if DIYers find value in bonding while doing projects, how your project stacks up in terms of energy efficient, and if there’s a psychological need that’s being satisfied in the mix as well.

The Home As a Whole

Before getting too far into thinking about specific home improvement projects, you need to ask yourself at some point if your home was worth the investment in the first place; just in terms of hard cash flow at first – because if you’re thinking about improving something that won’t increase in value as a whole, then you might want to reconsider that step before you put much time, energy, or money into it.

Individual Return On Investment

On top of that idea, look at individual circumstances of home improvement as well. In other words, look into a project like remodeling a bathroom. If you get a quote that says it will cost $5,000 to make it happen, but the value of your home only goes up by $1,000, is this still something that you want to consider? Strictly in terms of value, it’s always important to look at things both from a macro and a micro perspective.

As Bonding Experiences

One reason people will take on DIY home improvement projects isn’t strictly for the value of money involved, but also for the bonding experience, or perhaps to learn a new skill or even have a story to tell. Not all value is strictly financial, and that’s an important consideration when planning early on, especially if it’s a project you intend on doing mostly by yourself without professional help.

Energy Efficiency Trends

There are a lot of times when home improvement projects are going to change some of the dynamics of your home in terms of heating and cooling. Especially with remodels that add or subtract windows and doors, be sure you think of energy efficiency during the final stages of planning.

Does It Satisfy a Psychological Need?

And finally, one big considering when it comes to the value of home improvement projects is if the project satisfies some particular kind of psychological need. If by improving your home, you’re also improving your relationships, or improving your chances to live peacefully, then by all means take it on!

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