Before you start that next renovation, here's something worth considering.
One of the questions I frequently get from friends, past clients, and homeowners is, "If I make this improvement to my home, will I get my money back when I sell?" It's a great question, and one I love helping people think through. But before we even talk about resale value, I usually ask a different question:
Will this improvement add value to your life? Will it make your home more comfortable? More functional? Will it make you happier living there? If the answer is yes, then that improvement may absolutely be worth making, regardless of what it might bring when you eventually sell.
After all, your home isn't just an investment. It's where you live your life.
What You Love Isn't Necessarily What a Buyer Will Pay For
Here's where things get a little tricky. Let's say you're planning a kitchen renovation. You love high-end appliances, custom cabinetry, and beautiful, expensive finishes. If those things bring you joy and fit your budget, wonderful!
But it's important to understand that just because you spend $75,000 on a renovation doesn't mean your home is suddenly worth $75,000 more. The next buyer may not share your taste. They may appreciate the improvements but place a different value on them. And depending on your neighborhood and the price range of surrounding homes, there may be a limit to how much buyers are willing to pay, regardless of how much you've invested. I've seen homeowners put a great deal of money into improvements they love, only to be disappointed when those costs don't translate directly into a higher selling price. That doesn't mean the improvements were a mistake. It just means that personal enjoyment and financial return are two different things.
Finding the Balance Between Enjoyment and Resale Value
I think the sweet spot is finding a balance. If you're planning to stay in your home for another 10 or 15 years, you may make very different decisions than someone who expects to sell in the next year or two.
For example, if you've always dreamed of a beautifully customized bathroom and plan to enjoy it for years, that may be money well spent. But if you're thinking about selling soon, you might be better served by making thoughtful, cost-effective updates that appeal to a broader range of buyers rather than investing in a complete high-end renovation.
And sometimes, the improvements that make the biggest difference to a buyer aren't the most expensive ones. Fresh paint, updated lighting, well-maintained landscaping, and taking care of deferred maintenance can go a long way.
The key is understanding why you're making the improvement and what you hope to get out of it.
Before You Spend the Money, Let's Talk
This is something I wish more homeowners would do before starting a major project.
Call me. Text me. Send me a picture of what you're thinking about doing. I'm always happy to share my perspective on what buyers in our local market are looking for, which improvements may help your home's resale value, and where you might be spending money you won't necessarily recover. Sometimes my advice might be to go ahead and do the project.
Other times, I might suggest scaling it back, choosing different finishes, or even saving your money.
And here's the important part: You don't have to be buying or selling a home, or even be a client of mine, to ask.
I believe being a REALTOR® means being a resource to my community, not just during a real estate transaction but throughout homeownership. So whether you're planning a major renovation, considering a few updates, or simply wondering if a project is worth the investment, I'm always happy to talk it through with you.
Because making informed decisions about your home matters, whether you're selling next month, five years from now, or have no plans to move at all.
Your home should work for you today. And with a little planning, the improvements you make can help position you for tomorrow, too.
Anne Chatfield, REALTOR® | SRES® | ABR®
LAER Realty Partners | Serving Greater Boston
