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Investing in your home is just like investing in your portfolio

Overview

Published: 05/07/2013

by Mark Noonan

My previous article exemplified some of that passion as I ranted about what I see wrong with the renovation market today.

 

However, after graciously letting me vent, our esteemed editor has gently reminded me that at Home Digest, we’re all

about home and life improvement and perhaps our readers would appreciate me getting back on track.

 

And it is that connection, between life and home, where we really find space for the dreams we covet for our families as

we grow and mature together. The energy and money we invest in our homes are intended to make a better, more

comfortable life for our families.

 

Our homes are much more than bricks and mortar; they are the where we build and store our memories. They usually

also represent the single biggest financial investment that we’ll ever make. But we often don’t view homes as investments

when it comes time to renovate, although we should.

 

When you invest your money, it’s only after conducting research and doing due diligence. You plot your returns and make
immediate changes if results do not meet expectations. The same should hold true for your home. I believe that the dollars

you invest in a home renovation should show immediate financial return, as well as improving comfort and enjoyment for

your family.

 

When we pick an investment advisor, we try to find the best-performing individual we can, often using the recommendation
from someone we trust. Pick your contractor the same way. He’ll be your renovation investment advisor and you need him

to guarantee positive returns.

 

Have a strategy. What is the purpose of the renovation and what are the various returns available? If you invest $20,000

in a renovation now, your home should go up in value by more than that amount in the years ahead. However, a

renovation done poorly could deflate the value of your home by that same amount if prospective buyers need to rip out

and re-do substandard results.

 

Renovations themselves should always be for the long term. A well-done renovation should last for the life of your home.
Give your family the lifestyle they deserve by investing soundly in your next home renovation.  

 

Mark Noonan is the president of Plumbing Mart.

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