Where Should I Spend My Money?
Updated: Nov 24, 2020
Building a large-scale project, whether a new home, large remodel or addition, may be one of the biggest investments you will make.
Here are seven areas to consider:
Location: You’ve heard the adage “location, location, location”. This is where you spend your money. You could build a new home or spend hundreds of thousands of dollars improving your existing home, with amazing features. Your project may have a great design and finishes, but if your home is in the wrong location or wrong lot, you could be in real trouble. You want to avoid over improving for the neighborhood.
Design Services: You can add enormous value to your home by investing in the services of a competent designer or architect and knowledgeable interior design team. Not only will you enjoy the splendor of a fabulous home, you will find a greater return on the money you spend for these services at the time of resale.
Kitchen: Most buyers don’t complain about a kitchen being too large, too much counter space, or too many cabinets. Spend time on the layout and money on the kitchen.
Family Great Room: Oversize, don’t undersize, your family great room. Families tend to gather and spend most of their time in the family great room. If you were to oversize any room, make this room a little larger (rather than smaller) than you think you need.
Master Bath: This room is the owner’s retreat, the place you start the day and end the day. Upgrade your mater bath size and finishes. When you sell your home, this will be an important feature and provide a good investment return.
Room Size: Make sure your rooms are large enough to meet your needs. It’s very expensive to come back after your home is finished and add twelve or eighteen inches to a room, because you’ve just realized it’s too small. If you’re on a limited budget, it’s better to hold off on some of the finishes than cut down the size of your rooms. You can add finishes later, and the cost may only be slightly higher than if you installed them during the initial construction process.
Closets: Never underestimate the value of a roomy walk-in closets, linen closets and laundry rooms.