When/how do you decide to do home renovations?

[disneysteve]

Originally Posted by ScrimpAndSave

It has 4 bedrooms which is more than we will EVER need.

Don't be so sure. We have 1 child and 3 bedrooms and it isn't nearly enough. We have one bedroom, our daughter has one bedroom and the 3rd is our office/computer room/library, craft room, etc. My wife used to scrapbook but doesn't have anywhere to keep her stuff spread out. She knits and doesn't have any set place to store all her yarn and supplies. I play the piano and there is an electric piano in that room but I can't get to it. We have no guest room (though we do have a sleeper sofa in the family room there is no privacy for guests). So don't be so sure that you won't find good use for those "extra" rooms.

[cschin4]

What is it you want to do? I see nothing wrong with spending money on your home. In fact, I think that is probably your best expenditure. It is your home, you spend time there, etc. Do NOT remodel for future owners. You should buy and do what you like but I would recommend sticking to neutral decor as styles change quickly and anything that makes a "statement" quickly gets old.
If you listen to some posters, why not just live in a tent and bank all you money until you die? However, having said that, I think we all need to learn to be content as if you get caught up in the continued HGTV thing, nothing will ever satisfy you either.

[ScrimpAndSave]

Disneysteve,

We don't want to have children...so I am "assuming" that 4 bedrooms will be enough. But I am sure one will be an office for him being a lawyer and all...then our master bedroom...and then I would love to have two guest bedrooms.

[jIM_Ohio]

A few points-

Home improvements and similar are tax deductable. If you do 20k of home projects and the value of home goes up 8k, 12k of the expenses are deductable.

I have a cousin which did not like her house... she looked at moving and it was too expensive. She then bought new furniture for every room and changed the color scheme- now she is much happier with house.

I would guess most home owners will get this itch once or twice over a 20 year period.