First, will the change make the home more comfortable and appealing for you and your family? Second, does the project boost your home's value and have a good "return on investment?" In other words, if you make this improvement, will you likely be able to recoup most of the cost when it comes time to sell?
Studies show that improvements to kitchens and bathrooms have the highest return on investment or "ROI" percentages. A kitchen remodel averages an 80 percent return, while a bathroom renovation averages 90 percent.
However, in each case, you should carefully consider the scale of the project. It's not always necessary to rip a room down to the studs and start from scratch to make an impact. A kitchen remodeling involving new paint, a new countertop and complimentary back splash, can make a statement without breaking the bank. It may also make it easier to recoup your expenses, since the cost won't be nearly as high as replacing flooring, cabinets and fixtures.
Another good idea is to choose a style and approach that reflects your personality, but one that is still appreciated by others. In other words, try to find amenities, tiles, fixtures, flooring, carpet and that reflect your taste. At the same time, remember that you might be selling this home one day, so you also want to appeal to prospective buyers. It is a fine line to walk, but when done well, it can pay dividends down the road.
But no matter what project you are considering, try and make a change that will improve your home, while still maintaining the character and quality of the neighborhood. A home improvement should be just that.
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