For instance, will you need to make specific changes to your home to accommodate the arrival of a new child or an aging parent? Will stairs pose a problem? Do you need to include security features for someone with reduced mobility? Do you anticipate changing the use of any room in the future, for instance converting a bedroom to a home office? Do you have children who will require more space and privacy down the road?
You should consider how long you plan to live in your home, as well as your long-term financial goals. While most renovations will increase the market value of your home, some projects will have a more positive impact than others.
If you plan on living in your home for many years, the financial return on your renovation investment may be of less concern to you. On the other hand, if you expect to be selling your home within a few years, consider whether your renovation will enhance the buyer appeal and selling price of your home. Real estate appraisers can give you advice on how your renovation is likely to affect the market value of your home.