What exactly is the ideal budget to spend on a home renovation? And will this matter even if a resale of your home is not a principal factor in your plans for the near future?
Overcapitalising on home renovations or extensions is usually a major concern when property investors plan to sell soon after construction is completed. But this can also be important to long-term homeowners who want to ensure their financial standing, especially for retirement and other future needs. And any fear of overcapitalising or under-investing could derail a homeowner from potential profits when the time comes to sell their home.
So how would you know what a sensible budget should be, in your case? Here are some considerations to evaluate how much you should spend on your home renovation.