Reflect On The Past
Look Back at How You Used Your Home This Year
Start by reflecting on your everyday life at home and how it serves your family’s needs. Think about what you really love and what you really find frustrating with your property.
- Did certain spaces feel cramped, outdated, or inefficient? Or were some spaces not used a lot?
- Did your home adapt well to your lifestyle (work-from-home, hosting, growing family, hobbies)?
- Were there any recurring problems (electrical, plumbing, heating system)?
The way you lived and what you experienced are pretty good indicators of where improvements should be made. You want to invest in making your life more convenient and comfortable. Once you have identified the items you would like to get done, put them in order from the most crucial to the least.
Things that should be at the very top of the list are items that would affect your health and security. As a matter of fact, those should not even be considered a goal, but more a necessary maintenance item.
Create Goals That Align With Your Vision
Before we go any further, you need to make sure your goals align with your vision and what’s to come in the next 2-5 years.
If you plan to move in two years from now and have put an in-ground pool on your list, it would probably be a more strategic move to wait for your move and compromise with a smaller investment that will bring more ROI.
- Do I plan to sell or refinance in the near future?
- Is there anything coming up that will affect my finances (wedding, family vacations, new vehicle)?
- Any big life change coming up (baby, surgery)?
Check out our Homeowner Guide: Return On Investment for more information on getting the most out of your investment and to download your complimentary PDF.
Planning to Sell?
If selling your home is part of the program, I have just one important thing to tell you: Invest in Your ROI.
** ROI stands for Return On Investment. Its the profit made on an investment; the ratio between cost and net income.
When selling your home, the money you pour into the renovations and upgrades must be calculated (unless you do not care to lose money). Not all upgrades are created equal. Prioritize improvements based on impact, budget, and timing…Time to think like a home buyer!
- Does your kitchen or bathroom feel dated? Could they be more efficient, or have better storage?
- Are finishes cohesive throughout the home? Are the appliances old and mismatched?
- Are the plumbing, mechanical and electrical systems dated and properly functioning?
Focus on upgrades that will bring both enjoyment and long-term value. Your life goals should guide where you invest.
Planning Is The Key To Success
Set Your Budget And Plan
Once you’ve identified your goals, set a realistic budget and a clear match plan.
Planning this early might sound silly, but it will allow you to book contractors ahead of the busy season and avoid rushed decisions. There is no such thing as too prepared, too early, when it comes to home renovations.
- Am I gonna hire professionals or do the work myself? Do I have all the necessary equipment and knowledge to do it myself?
- Will the work require permits?
- How much will the material cost?
- When is the best time of the year (season) to do the items on my goal list?
Remember that whatever your budget is, you should allow a little wiggle room in case you discover unpleasant surprises or need to spend more than anticipated. Planning is the key to success when it comes to goals, no matter what they are.
Reflecting on your home at year-end is a great way to keep your home maintained and your investment value up, but it is also exciting! What better feeling than having goals that motivate you and improve your lifestyle?
Start by reflecting on the past and evaluating the things that are not working out (or not working at all, if I may say so). Set your goals in order and make sure they align with your vision (where do you see yourself in 2-5 years). Then lastly, set your budget and plan, and you are ready to attack the new year!
If you’d like guidance on which upgrades offer the best ROI in the Greater Moncton Real Estate market, don’t hesitate to reach out directly by email or phone.
