Should We Renovate Our Older Home?
by Gary Foreman
You don’t have to live in the past with your older home! We reach out to an expert to get advice on when you should and shouldn’t renovate your older home and how to choose home renovation projects that meet your desires, budget and DIY ability.
Your 30-year-old home is beginning to show its age. The kitchen cabinets are worn and the bathrooms could use an update. Should you renovate your older home? And, if you do, could you recover the costs if you sell?
To help us answer these questions, we contacted Kathi Fleck. Ms. Fleck is a whole-house designer who specializes in design and build, universal design, and aging in place. She’s the co-founder of the Dallas-Fort Worth based design-build firm LoneStar Property Solutions.
Q: What part of an older home is usually the most in need of remodeling?
Ms. Fleck: Often an older home may be in need of many items in order to bring it up to date and this may feel overwhelming to the homeowner. I usually suggest starting with the most bothersome areas to my clients. The answers also depend on the owner’s budget. Of course, the entire home can stand a “facelift” or complete remodel, but this may not be feasible to the owner.
Here are a few examples:
- Depending on the condition of the cabinets, they may decide to keep or replace them. If the cabinets remain, maybe a refreshing of the cabinets with stain or paint is in order.
- Replace or resurface the countertops and backsplash.
- Update the appliances.
- Paint the room.
- Possibly replace the flooring.
- If there is carpet in the main living areas, it is probably worn and dirty. New carpet will be the most economical and best “bang for the buck.” Wood flooring is very popular along with tile in some locations.
- Refreshing and updating the colors in the home make a big impact and uplift for the owners. It can be completed in just the main areas of the home where everyone spends the most time. See Finding Quality Paint at An Affordable Price.)
If all of the main areas of the home impact the owner’s budget or give a sense of overwhelm, I suggest picking one of the above areas. Other areas to consider:
- The master suite is a popular area for many homeowners, as the bathroom is often dated and in need of repair. The room could be gutted and started fresh with an open plan. New cabinets, shower, tub, flooring and updated plumbing fixtures will enhance the room and mood of the owner as this is another heavily used area of the home.
- Exterior maintenance and a fresh coat of paint is usually a good area for an older home. (See Exterior House Painting: A Do-It-Yourself Project?.) Replacing the doors and windows are usually considered for an update along with higher energy efficiency.
Start living better for less.
Subscribe to get money-saving content by email that can help you stretch your dollars further.
Twice each week you'll receive articles and tips that can help you free up and keep more of your hard-earned money, even on the tightest of budgets.
Subscribers receive a free copy of our eBook Little Luxuries: 130 Ways to Live Better for Less.
We respect your privacy. Unsubscribe at any time.
Q: Can you recover your costs on a kitchen or bath renovation?
Ms. Fleck: Kitchens and bathrooms provide a very solid return to the home. The Hanley Wood Cost vs Value report is published annually, giving typical costs and their values, which I recommend to my clients as we review their projects (see www.remodeling.hw.net). Most do not want to overspend for the value of their home.
However, if selling a home is in the near future, many homes’ values are actually decreased or may not sell without renovations. Kitchens and Master Bathrooms usually recoup around 70-80%, as long as the remodel fits the value of the home.
Q: Should DIYers jump in? Or do you need to hire help to get absolutely perfect renovation work?
Ms. Fleck: I receive calls from homeowners who do attempt the DIY approach. Some are talented and can handle their own remodels. Most need additional help. When I am called to meet with my clients, it is because they attempted the project and were not successful, or it is taking way too long (sometimes years) for them to complete the job.
To answer the question about DIYers completing the “perfect” renovation is difficult for me, as I don’t meet with those owners.
I do know that those who called me after their attempt would not have been able to complete a satisfactory job without professional help. Usually, the DIY homeowner who is willing to remodel has some talent. However, the specialty trades work in their field on a professional level and the difference is clear to me as a remodeler. I see the difference in paint lines, how tile is laid, and the products chosen.
Q: Most older homes didn’t anticipate all the technology that we expect today. What can be done to an older home to make it more compatible with today’s technology?
Ms. Fleck: With all of the advances in technology, expert audio-visual teams can create systems that fit with the older homes. Updated and additional electrical may be needed, and some increased amperage in the service panels will assist with higher-end appliances.
We work on many older homes, and I find that new technology can work very well with the older homes.
Q: Are there some renovation projects that are best left undone?
Ms. Fleck: I would suggest renovating the areas of most importance to the value of the home. Those renovations that don’t fit with the space or value of the home should be forgotten.
For example, I met with a young couple who wanted to enclose a patio for a fourth bedroom. The location just didn’t make sense and the cost would exceed the value of the home, as well as the couple’s budget. At this point, it would make more sense to sell the house and move to one with four bedrooms.
Although your home may be 30+ years old doesn’t mean that you have to live in the past! When renovating an old home, choose a renovation project that meets your desires, your budget, and DIY ability.
Reviewed April 2021
About the Author
Gary Foreman is a former financial planner and purchasing manager who founded The Dollar Stretcher.com website and newsletters in 1996. He's the author of How to Conquer Debt No Matter How Much You Have and he's been featured in MSN Money, Yahoo Finance, Fox Business, The Nightly Business Report, US News Money, Credit.com and CreditCards.com. You can read Gary's full bio here. Gary shares his philosophy of money here. Gary is available for audio, video or print interviews.
Subscribe to The Dollar Stretcher, our free twice-weekly newsletter aimed at helping you live better for less on the money you already have!
Subscribers get a copy of our ebook Little Luxuries: 130 Ways to Live Better...For Less for FREE!
- 7 Habits of Highly Frugal People
- 5 Simple Budget Cuts That Can Save $200 a Month
- How to Track Down Unclaimed Funds Owed You
- 32 Ways to Save Money on Your Utility Bills
- Do You Need Credit Life Insurance When Buying a New Car?
- How to Maximize Profits When Selling Online
- Staying Motivated to Continue Digging Yourself Out of Debt
- 9 Things You Need to Do Before You Retire
- You Didn’t Save Enough for Retirement and You’re 55+
- When Empty Nesters Reorganize and Declutter Their Home
- Reinventing Your Career in Your 50s or 60s
- What Mature Homeowners Should Know about Reverse Mortgages
- 2 Reasons to Collect Social Security Benefits As Soon As Possible