A home is so much more than a roof over our heads. It is our largest purchase (unless you like thoroughbreds or really expensive shoes), and almost always a significant portion of our assets at retirement. So when it comes to improving your home through renovations, it’s important to think beyond cosmetic appeal and look at how those projects can improve your wealth.
We may think of a home as a long-term purchase, but in fact a great deal of us will own a home for just 5-7 years. So look very closely at the money you spend on your home. Look for projects that will add the most perceived value to your home for the least cost. Decision-making should be guided by the big picture a financial plan that includes your retirement goals, acceptable debt levels, and tax planning. I encourage you to think about potential home renovation projects in terms of three categories: resale value, maintenance costs, and potential risk.
Made for the Market
Some of the design tips you may have picked up watching Trading Spaces might prove useful. The types of changes they make, cosmetic rather than foundational (plumbing, electrical, etc.), may be the best way to...
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