The real estate market has taken an upswing and it is now a seller’s market. That means prices are high and homeowners are now renovating rather than making new home purchases. If you are part of the market segment that has chosen to hang on to what you have and make the best of it, then you need to consider that fine line between “not enough” and “too much.” Look for these signs that it is time to slow down on the home improvements.
You’re running out of money. Sure, you might be adding value to your home through your home improvement efforts, but if you are struggling to make your house payment, it doesn’t make any sense to continue on with unnecessary home improvements. Take some time to sit down and make a budget so that you can prioritize what needs to be done now, and what can wait.
Your home improvements outweigh the option of moving. It really doesn’t make sense to continue with home improvements in the quest to create the home of your dreams if the home of your dreams would actually cost less than all of the improvements to your current home.
You’ve maxed out your home’s value. To some extent, your home’s value is determined by the value of the homes in your neighborhood or area. Therefore, if you are making home improvements to increase your home’s value, you must keep in mind the comparative value of surrounding homes. If your neighborhood won’t support the added value of, say, a home bowling alley, then you could be pouring money down the drain if you add one.
Your quality of life is suffering. Home improvements can be very disruptive to the normal routine. If you find that your family is more stressed out than usual, and that all of the home improvement clutter is slowing you down, then you may need to take a break from the home improvements, in the name of your mental and emotional health. It may be time to put aside major projects and start looking at small redecorating goals, a new swan chair, and some other furniture and accessories instead.
You’re doing more harm than good. In some cases, you may run into a situation in which it is advisable to hire a contractor. This is because your inexperienced hands may be doing more harm than good. If your home improvement project seems to have taken on a life of its own and you are ill equipped to handle it, then you need to slow down and make a phone call.
There is nothing wrong with bettering your home through improvement projects. However, there are some circumstances in which you might need to take a step back, and a breather, from the process.
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