Are you renovating your own home for you? Is it your dream home and you’re going to live there forever? You may dream of a sparkling pool and a vast entertainment deck, a full dream-kitchen with indoor/outdoor servery. Getting all this may run the risk of overcapitalizing your property, but if you’re going to live it and love it forever and you can afford it, perhaps you just accept that.
Are you renovating a property to sell at some time in the near future – so you’re choosing features that will help it to sell to give you a maximum financial return. Light, bright and airy paint scheme, useable storage, appropriate climate control, low-maintenance but pleasant landscaping.
Are you renovating an investment property? Are you renovating it to hold long term and improve its value and rental return? If so, features like air conditioning, security, good kitchen and bathroom will make the property enormously appealing to tenants and have it always rented at the best rent possible for the property and its’ location.