In episode 5 of our Sidelight Series Vlog, Carmel Builders President & Owner Louis Weiher provides the answer to a question he gets a lot from people…is remodeling a good investment? As he explains, it’s important to think about it as an equity versus happiness investment when considering a remodel and what the outcome will really mean to you and your family.
Hi, I’m Louis Weiher with Carmel Builder and it is our mission to provide a positive and enjoyable experience that improves both lives and homes. And specifically, we talk about remodeling.
I want to talk about a really common discussion I have with a lot of homeowners, and that is “is remodeling a good investment”. I hear from so many people “well, we need to remodel our homes so that we can sell it” or “we need to make sure we get our money out of it” or “we don’t want to over-improve our home for the area”…and I get that. We’ve been trained to believe that our home is our biggest investment. But I would be remiss if I didn’t tell you that I think that’s not true. I don’t think remodeling is a great equity investment. I think, frankly, homes that you live in aren’t the greatest equity investment. If remodeling your kitchen made sense, every one of you would go to your financial adviser and they would say something like, “we need to put a kitchen remodel into your portfolio”. That isn’t the case and it isn’t why we remodel.
Remodeling your home is a happiness investment. Why you live where you live is because you love the neighborhood, you love the community. Hopefully, you love your neighbors. You love the schools where your kids are going. If you at the end of the day can come home and relax in your new master suite, if you can make breakfast with your family in the morning and have that wonderful time together, that is going to make you happier. It is going to make you have a better life. I genuinely believe that. And that’s where we talk about it as a happiness investment with remodeling.
The best things in life don’t necessarily return great equity investments. Vacations, dogs, children…no one would ever say those things aren’t valuable and that they don’t matter a whole heck of a lot. But at the end of the day, do they return a great equity investment? No, they don’t. But that’s not what we do this for. That’s not why we’re here. That’s not at the end of your days you’re going to look back and say, “well, I’m really glad that I saved every little penny I had”. You’re going to say, “did I have a great life”? And that’s what remodeling does for you as it’s a lifestyle investment, not an equity investment. Thanks!