Wants and Needs for Remodeling

A lot of people are still staying put in 2024. Instead of moving, they are opting to do a bit (or a lot) of remodeling. This trend started with the pandemic and has continued right into this year. Remodeling can be a great use of your time and money, but it can also be a bad move. How do you decide what to do?

First and foremost, have a detailed plan and budget. Break it down into needs and wants. If you need to do something to utilize where you live to the fullest, it is likely a good idea. However, be very careful about your wants. Really take the time to understand that your want may not be a good financial strategy. That doesn’t in any way mean you shouldn’t do it, but know that it is because you want to, not as an investment.

One of the first things that we learned during the pandemic is that we all want more room. However, a bigger home is not necessarily going to help your bottom line. Where the added space is, and its purpose, really matter. Get a real estate professional to talk through what pays off in Illinois. When it comes to the financial return on investment, certain remodeling projects make more sense than others.

Just fixing up your landscaping can return over 100% of your investment. This is true for almost everyone, and because mature landscaping is worth more, it should be done before anything else. The other spots that often satisfy both wants and needs are bathroom and kitchen remodels. So are attic conversions and new windows. However, swimming pools and entertainment systems usually don’t offer much return on your investment.

Angela Mae for GoBankingRates.com writes as a summary, " If you’re considering a home renovation project in 2024, think about the total cost and time commitment of that project. Ask yourself why you want to do it, and whether you plan to sell your home in the near future. Depending on your answers, it might not be worth the money.

And if you still want to make some changes, go with low-maintenance or eco-friendly additions that appeal to most buyers. Give your appliances a face lift, splash on a new coat of paint, or upgrade your curb appeal. These are the types of things that can add value to your home without the hefty cost.”

Find out what remodeling projects make the most sense in 2024. Drop by AddressNIllinois.com to talk with an Illinois professional who will steer you in a direction that gets you what you need and want.