It is quite common for many of our clients to consider what the return on investment will be for their project(s). While there are many variables that make every situation unique, here are a few general ideas to assist in decision making.
1. Define "Return on Investment" for your particular needs and lifestyle
Consider your length of ownership in the equation. If you are planning on being in your home for less than 3 years you might want to focus on the financial return on investment. If you plan on being in your home longer, you might want broaden your definition to also include the enjoyment you will get out of the space(s) and how that will contribute to your lifestyle.
2. Consider the project's "Cost to Value"
Every year the folks at Remodeling magazine publish a cost to value chart that gives general financial returns to expect for broad geographical areas. Click on this link to see which types of projects have higher return values than others.
3. Consider projects that fall within current design trends
Look for information in publications, like this article on Builder.com, that discuss current design trends in what home buyers are looking for in a new home. Projects that fall within these trends will tend to have a higher return on investment. According to the article, here are a few popular design trends.
Trend 1: Classic Yet Contemporary Interiors
Trend 2: Outdoor Living Space as an Extension of Indoor Living Space
Trend 3: Cost-Effective Design Without Sacrificing Aesthetics
Trend 4: The Family Triangle
Trend 5: Multigenerational Living
Trend 6: Kitchen Entertaining With a View
Trend 7: Green Elements That Consumers Understand and Want
About the Author:
Jon Detwiler is an architectural design consultant for BH Design Build. BH Design build offers design and contracting services for Residential and Commercial remodeling and new construction. BH Design build proudly serves the Berks, Chester, Montomery, and Lancaster counties of South Eastern PA. Many of their projects can be found in the cities of Chester Springs, Downingtown, Eagle, Elverson, Exeter, Exton, Glenmoore, Lancaster, Malvern, Morgantown, Oaks, Pottstown, Phoenixville, Reading, West Chester, Wyomissing, and many more.