Prioritize your home projects : The CynOli Home guide

When we moved-in a year ago, we moved-in with our home inspection in hand, and from day one we had a long list of home improvements to keep in mind. Other than that list I told Oli that I wanted to renovate the kitchen. After our first winter, our front stairs started showing major cracks and it was clear that the structural integrity was affected by water infiltration (concrete and water infiltration don't go well together - the freeze-thaw action in winter makes a vicious cycle). Then in the spring we contacted a professional to come evaluate the energy efficiency of our home for free (a government program). We found out that our entire basement is not well insulated - The list was growing longer! Summer came, the neighbor with whom we share our building let us know that our common chimney needed repair. Then, at the end of summer, our tenant upstairs announced that he was leaving, and we knew we needed to take the opportunity of an empty apartment to do some upgrades for the next tenant.

So where do we start, which projects get delayed? which projects do we not even bother with? If you find yourself asking the same questions as a new homeowner, then you might want to keep on reading. Even if you've owned your home for a few years now, I'm sure it's easy to let the maintenance jobs pile up! It looks like there's always something to do around the house to keep it in good shape.

Not all renovations increase your home's resale value

Before we get to the how-to of this guide, I want you to be aware of the renovations that can increase the value of your home if you decide to sell it. As well as those that most likely won't.

After researching online, I've found that these following 5 renovations will boost your home's resale value and enable you to get a return on your investment:

• Remodeling the kitchen;

• Adding or remodeling the bathroom;

• Adding more living spaces by finishing the basement, remodeling the attic adding an outdoor deck, or creating an outdoor oasis;

• Boosting curb appeal;

• Improving energy efficiency.

It means that you will recover a good portion (50-80%) of your investment when you sell. And maybe think twice before doing these right before you sell your house, thinking you will recover the cost:

• Converting your garage for another purpose - some people are looking for a home with a garage;

• Adding a pool - not everyone wants those;

• Doing luxury design when your home is not in a high-end market - people in your home's market may not be willing to pay extra for luxury additions like marble countertop for example.

Of course, if you have found your dream home or you are not thinking of selling your house in the near future (5-10 years), you don't need to concern yourself with resale value - just make sure your home works for you and your family. If you want a pool for your family's entertainment, by all means, build that in-grown pool! If you need an extra room for a family member, by all means, convert the garage.

Our 5-steps guide to prioritize your home projects and renovations

Now that we got that cleared up, here is how we, in the CynOli Home, managed to plan and prioritize our next home improvement projects for the next 3 years.

1. Make a list

Start by making a list of all the projects you want done or need to get done around the house. Psychologists have shown that a to-do list is an effective productivity tool. A good place to start is your home inspection if you have one. Add small things (like upgrading your incandescent light bulbs to LED - one of our first home projects towards sustainability) as well as major projects and interior design projects. Finally, don't forget the ones that modernize your home with smart technology (like installing a smart thermostat or energy efficient window shades).

Take your time to make your list and have a minimum of details. For example don't just right "renovate bedroom". Instead write down what you want to do to renovate the bedroom - is it by painting the walls, redoing the floors?

2. Rank your projects based on benefits or value

Determine a point system (ex: 1 to 5) to rank your projects from most beneficial to least beneficial/valuable. Now you have to define what is valuable and beneficial to you and your household members. In the paragraphs above we talked about the resale value of your house, but it's not the only way to measure benefit. The urgency of the project matters as well as your family's needs and lifestyle at the moment. If a project is urgent or if there is an undeniable need for it, it should be considered highly beneficial (baby on the way needs a nursery planning, roof damage requires immediate repair, etc...). I encourage you to go back periodically to reevaluate your ranking as your family grows and your situation changes.

3. Estimate costs

If your list is not too long, go ahead and get a rough estimate for all your projects. At this step, no need to get too specific, search online for an estimate.

If your list is really long, get a cost estimate for your top 5 to 10 most beneficial projects.

4. Create a cost/value decision matrix

Create a graph (or matrix) that will help you categorize your projects. On the X-axis, you will have cost going from low to high. On the Y-axis, you can put your ranking system that you came up with to evaluate value or benefit. Set up a cut-off point on both axis to create 4 quadrants as shown in the figure below. For instance, if your ranking system went from 0 to 5, your cut-off point can be 2.5. Anything above the cut-off point is considered a high-value project. Same for cost: decide what price-point determines a high-cost project vs. a low-cost one.

5. Get started

Now that you've categorized your home projects, where do you begin? Before you start any project, it is recommended to have the money available + 20% for contingencies. While you're saving some money and planning your "major projects", you can always get some "quick wins" out of the way.

If you know you will sell your home in 5-10 years, I'd say you HAVE to focus on those ''major projects" and take the time to plan for them. If you've found your dream home, then you want to prioritize your "quick wins". Oli and I bought our plex as an investment and it acts as a revenue home (we have 2 tenants), so we prioritize projects that are structural, those that can help increase rent, but also those that makes us comfortable in our apartment knowing they will also help increase the house's resale value if we sell down the road.

Your "maybes" are your level 3 priorities. At last, you have those high cost and low value projects that are just not worth your effort unless for some reason they move to your "quick wins" because you found a way to reduce cost or increase in value/benefit.

Final words

Yeah, I get that this guide looks intimidating, but without a list and a plan, you may find yourself discouraged to ever get started or worst, you may find yourself with a home that gives you anxiety because of all the things you see that you have to do that just aren't getting done. The goal is not to do all the 5-steps above in one sitting - quite impossible actually. I have a friend who always reminds me that you can only eat an elephant one bite at a time! So today, I am telling you the same.

Start by putting your list together. You can go room by room ( maybe tackle 2 rooms per week, until you cover your whole house. Or just start writing everything that comes to mind on a piece of paper you attach to the fridge). Once your projects are categorized and you have an idea of how much it will cost to get them (steps 2 to 4), you now have in hand a plan to execute. Just watch your projects get crossed-off your list one by one! And once you've identified your "no-go" projects (steps 4), that's less things to worry and stress about - put them out of your mind until you revisit your list after a couple of years or when your family's situation changes.

My last advice (and one that I constantly need to remind myself of) is "BE PATIENT and BE GRATEFUL at each step of the process!" Unless you are sitting on a pile of cash in which case you wouldn't need to do this exercise, haha, things take money and time to get done - especially those major projects. At the same time, there are a lot of "quick wins" projects that can make you feel more satisfied and happy with your house that don't cost too much, so don't neglect those while planning for the major projects (that can bring stress planning and executing them).

Learn to love your home every step of the way. Remember, your house is the walls, the beams and structural foundations. Your home is all about the love, support and safety it brings to those who live in the house.

Happy planning and prioritizing!

With love,

Cyn