Ask Audrey: Is It Time for a Renovation?

Dear Audrey: How can you tell the difference between "my space isn't working / could use a refresh" and "it's time for a renovation"?

When you’re feeling frustrated with your space, it’s easy to want to throw in the towel and start all over. But sometimes that’s not necessary - or sometimes it can be the wrong investment to make. To tell the difference, I stick to a general rule of thumb:

If you plan to own your home for five more years or less, then I’d recommend sticking to a refresh only. If you think you’ll live in your home for more than five more years - or if circumstances changed that require more space - then it could be time for a full on renovation.

Another thing to consider is what type of a market you’re in. Is it a fast-growing city like San Francisco, a stable city like New York, or your average market in another city or many rural areas?

If you’re in a fast-growth market, then you might want to stick to a refresh since there’s a good chance you’ll only be in your space temporarily (relatively speaking). I wouldn’t recommend doing a full renovation in a fast-growth market unless you really need to (such as if you’re going to bring home a new baby, need a home office, are having your parents move in, etc.). Yes, there are professional “flippers” who can turn a fixer upper into a mansion for a tidy sum in these fast-growth markets, but it’s not as easy as it looks.

If you’re in a stable market, then thinking in terms of investment might be better for you. A home that’s treated well (upkeep, maintenance, etc.) is going to do well in a stable market, so you may want to forego a temporary alteration in order to fully renovate and add lasting value to your home. But try to limit those costs and focus on what will make your space more functional, not just more beautiful. Try to base your aesthetic decisions in a solid functional decision. Remember, form follows function.

With all that being said, I always recommend considering a “master plan” for any work that you do. Even if your plan is pie in the sky, it will help guide your decisions. Most architects and designers offer services that will help you build your master plan - whereas a contractor (or just people you know) will offer opinions on what to focus on for a renovation. Hiring a professional designer or architect will ensure that someone is looking at the whole structure so you can make a renovation plan that is also a smart investment.