What you will learn from this episode: 

• The three categories of projects

• How to decide what projects to plan for 2021

• Learning and growing from 2020

2020 was a crazy, crazy year, but my hope is that we can all learn and grow from it.

It’s the end of the year, so what does that mean? Now is a great time to start planning what projects you’d like to do in 2021! Most people have multiple projects that they need or want to be done. So how do you decide what one to do?

Well, most projects can be placed into 3 categories.

1. Investment projects

Investment projects are projects where you are fairly confident that this is not your forever home. And in order to sell your home for X dollars, your home is going to need some renovations, repairs, etc. It’s going to need some updating/bells, and whistles put in in order for you to achieve a certain value to your home.

If you’re not sure what you need to do to get the value you’re wanting from your home, then I’d recommend finding a local realtor and speaking with them on this subject. This is their wheelhouse. It could be a whole host of things that need done, so hopefully you and your realtor can discuss this, and they will walk you through and advised what you should consider doing.

2. Pet projects

These usually fall into the not necessary projects. Maybe a splurge. Things that you obviously don’t have to have, but something you’ve always dreamed of. These projects potentially can take your home to a whole other level. If you can take these projects on, go for it! But – they tend to cost a lot more money. Most of the time I see people basing their wants off of Pinterest, or big-ticket items. Make sure you fully understand what the full budget would look like. You don’t want to cut corners on pet projects, you want this project to meet all of your expectations and be everything you’ve been dreaming it to be. So budgeting is critical for these types of projects.

3. Lifestyle projects

These are projects that are necessary to have done. It’s typically something that will improve the way you use your home. Anything goes in these kinds of projects they can be everything from a renovating your kitchen, to adding on, or after your children are grown and moved out, turning your unused rooms into a functionable and useable space. These kinds of projects are super common and will cause the way you use your home to be significantly better.

Something else that I want you to consider, is timing. Timing is critical for these projects.  I don’t mean the timing that your contractor gives you. I’m talking about what timing works for you. Just because your contractor gives you a time, doesn’t mean you have to take it. You need to consider what you will be doing not just when the project starts, but say 10-12 weeks after, if you’re project will still be going on.

Another thing to consider before starting your projects is your career. And this is because depending on the kind of work you do, you could be swamped in the first quarter of the year. You don’t want to be going through a renovation while your crazy busy with work. Also, if you have children, consider their schedule as well. It can be much more difficult having a project going on during the summer while your children are all at home. You will be a mess, stressed out, and upended, which is why these are critical pieces to give thought to.

What does all this mean for planning your 2021 projects? It has been a crazy year, and you are stressed out and tired. I totally get it. But maybe doing a small project could ease some of that stress. Just something for you to be able to see some progress happening. Even just painting a room can change the feel of your house. Plus, that’s one less thing on your list of to-do’s!

This is also a great time to start researching, which can be fun and enjoyable. It can give you time to wrap your head around a large project you’re planning to take on mentally, as well as financially. Planning this out ahead of time could also boost your spirits, take some of the pressure off of you and allow you to get your head in the right place for when you do finally start your renovation!

I hope this was helpful and empowers you to take on your projects confidently!

Like this Episode?

• Be sure to check out Episode #7: Tipping & Time Off: Best Practices For Home Renovation

• Don’t miss an episode, listen on Spotify, and subscribe via Apple Podcasts, Stitcher, or RSS.

• Leave us a review in Apple Podcasts.