Nearly 40% of Americans plan to renovate their home within the next two years, but I’m not one of them. Even though my house could definitely use some updates, I’ve decided that the cost of bringing my 1970s home into the 2020s just isn’t worth it.
I Wouldn’t Get My Money Back
Studies have shown that you almost never get your money back when you pour it into home upgrades.
My kitchen currently has blue laminate countertops, so it could definitely use a minor remodel. But if I decide to sell my home down the line, I’ll only get back about 77% of the money I put into redoing the counters.
Instead of spending that money improving the aesthetics of my kitchen, I could put it in the stock market and get a 7% return. That’s one of the main reasons why I decided home improvement projects aren’t worth investing in.
Upgrades Wouldn’t Improve My Home’s Function
I was lucky to find a house that has newer home systems with a lot of life left in them. I don’t have to make any upgrades to bring my home up to a livable standard. Any renovations I do now will only improve the look of my home, not the function.
Even though the bathroom has linoleum tile that’s a little scuffed up from years of use, it still does its job. I’d only be replacing it because I like the appearance of slate better. That doesn’t seem like a very good reason to pull a few thousand dollars out of my savings account in an unstable economy.
Home Improvement Takes Time
Home improvement projects take a lot of time, especially if you try to do some of the work yourself to reduce labor costs.
I don’t want to devote tons of time to home maintenance because it would take me away from my business and side hustles. Time is money, and I don’t want to sacrifice it making home upgrades that won’t give me a good return when I could be working instead.
Renovations Can Be Unpredictable
Renovations are unpredictable, and a lot of things can go wrong financially.
There’s always a chance that the contractor you hire will perform substandard work that you’re not happy with. It’s not always possible to get your money back, so you may have to spend extra money to make things right.
Remodels can also go over budget, which can cause financial strain. I put a lot of money down on the house, so I don’t want to drain my savings further by remodeling my kitchen.
Finishes Go In and Out of Style
Another reason I’m not rushing to remodel is because design styles are constantly changing.
Right now, farmhouse decor and all-white kitchens are super popular. But if I renovate my home to match current trends, it could look outdated in the future when those finishes are no longer in fashion.
That’s why keeping your house updated is pretty difficult. It will always be outdated to some degree, so I’ve learned to embrace the blue carpets and track lighting in my home.
Since I’m treating my home mainly as an investment, I’ve decided home improvement projects aren’t worth my time or money.
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