Home Improvement Projects — Getting the Best Return on Your Investment

Your home is most likely the largest investment you will ever make.

Your home is a major investment. Whether you intend to stay in it forever or plan to move someday, chances are good that you will undertake some home improvement projects while you live there. Make sure you spend your money wisely. Lowe's is happy to provide this information as a service to you.

As a homeowner you'll complete many routine maintenance and repair projects. When something breaks, you fix it. But there are even more important improvements that you'll want to make to customize your house to your family's needs and truly make it your own.

As the years go by, it's likely that you and your family will experience many changes in lifestyle, family dynamics and personal preferences. The house you bought a few years ago may not continue to suit your family's changing needs.

The solution is to do the projects that have to be done, make plans to make changes that you'd like to make, stay within your budget and do all this while keeping an eye on your home as an investment. No simple task, but by following a few simple guidelines you'll be able to have confidence in your decisions.

First Things First

First, take an inventory of all the maintenance projects large and small that need to be done. Pay particular attention to:

• Mechanical Systems — Keep plumbing, wiring, heating and cooling in top working order. Make repairs or upgrades as necessary to ensure that these systems work efficiently. Dripping faucets and inefficient air conditioning systems cost you money — faulty wiring can cost you your life.

• Structure — Maintain the roof, foundation, walls, floors, doors, windows, stairways, decks and the insulation that surrounds them. Inspect for leaks (water and air) and cracks, peeling paint, etc. Make sure that your home's "skeleton" is clean, weathertight and structurally sound.

• Cosmetic— Also important are the things that make a home truly yours. Look at interior/exterior paint, floorcoverings, wallcoverings, landscaping, etc. and keep them updated.

Keeping your home in good working order not only keeps your household running, but also saves you money and prolongs the life of your home. Doing regular maintenance will also serve you well when it comes time to sell your home, since these are the areas that potential buyers evaluate first.

Setting Priorities — Wants and Needs

Make a list of all the things that could be done to customize your home for your family. Invite all your family members to do the same. try to make an honest assessment of how you really live, paying attention to your habits and your lifestyle:

• Entertaining — Are your gatherings for large groups or small? Do you like a big kitchen where people can gather?

• Hobbies — Do you need extra room for projects?

• Storage — Are you a collector? Do you need seasonal storage?

• Dining — Do you prefer formal, informal or both?

• Sleeping — Are you accommodating your own family, or do you need extra space to house visiting friends or relatives?

• Private spaces — Is there room for everyone to "get away" for a while?

• Outdoor living areas — Is your preference a deck or covered porch?

Remember to evaluate your home in terms of live-in family members versus those who only visit a few times a year. If you're "empty nesters" with family members who only come during the holidays, your housing needs are different than they were a few years ago. Your changing family demographics also help you assess where you want to spend your home improvement dollars.

After reviewing your lists, prioritize your ideas. Sometimes setting a priority is easy. If you need space to sleep five in a two-bedroom house, you may have to postpone the new deck. Other priorities will boil down to personal choice. Add a fireplace and built-ins to the family room this year; build the new sun room the next.

Family dynamics may dictate the scope of some projects. Your daughter goes off to college and you have extra space. An aging family member needs a more user-friendly space.

Don't forget about creative alternatives. Changing the way your house works doesn't always have to involve adding on. Look for ways to use existing space for different purposes to meet new needs. For example, turn an under-used bedroom into a home office, or let the dining room do double duty as a library by adding new bookshelves.

It's a good idea before you begin any major projects to devise a master plan to determine the order of execution of your projects. A plan allows you to see the big picture so you can better understand the overall impact of the changes to your house, your family and your budget.

Budgeting For Change

When budgeting for your improvements, get specific about the details of the project:

• Planning — Will you design your project or will you pay a designer or architect to help? Determine the scope of the project to get an overall picture of what will be involved. A detailed plan minimizes construction changes and costs.

• Execution — Who will actually do the work? Will you hire someone to do all or part of the job? Will you be doing most of the labor yourself? Make an honest assessment of your experience and comfort level as a do-it-yourselfer before tackling a major project. You can save a lot of money in some cases — if you know what you're doing. Depending on the difficulty of the project, labor can account for a major portion of the total budget.

• Finish materials, fixtures, etc. — What kind of materials will you use? Choosing marble over plastic laminate, for example, will up the cost of a countertop considerably. Explore the possibilities; then make a decision based on your preferences with consideration for your budget.
  

Additional costs to consider include permits, site preparation, cleaning up before and after, and time spent out of the house (you could be sleeping and/or eating elsewhere during major renovations). All of these need to be reviewed and added to the bottom line.

Was this information helpful? Please let us know your do-it-yourself experiences. We'd love to hear from you!

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