How do you make a house into a home?
The answer is by making it into a place that reflects your personal tastes and needs. However, if you’re on the fence about investing in renovations to achieve that, then it pays to know reasons why renovating makes sense.
Here are five reasons to renovate your living space…
1. Increased Property Value
Putting more money into your home can help you get more out of it. Certain renovations do better than others in terms of return on investment, including the bathroom and kitchen. However, almost any upgrade including new exterior paint could fetch you a higher selling price down the road.
2. More Living Space
Do you have a basement that’s partly finished, but you’re only using it for storage? That’s an entire floor of your home you could be using as an entertainment room or a playroom for your kids. You could even move a bedroom down there. That also might mean relatives can stay with you during a visit, rather than having to book a hotel.
With a construction loan, you can get started on converting outdated or unused spaces in your home into ones that your family and friends will love gathering in.
3. Avoid Damage Costs
Sometimes renovating a home is about minimizing repair costs in the future. For example, if you have a leaking roof or problem wiring, then you’ll want to get those taken care of by a qualified contractor before a potential disaster strikes.
You might also want to reconstruct an outdoor deck that is falling apart or replace the walkways that are starting to crack becoming a tripping hazard.
4. Boost Rental Potential
If you’re thinking about renting a room or a basement to a tenant, or you have an income property, then renovating it can attract the right people. By updating paint, adding storage, or even installing new appliances, you might be able to charge a higher monthly rate.
5. Lock Into Renovation Prices
The cost of renovating your home may go up the longer you wait because there’s a shortage of skilled labor. That means pay scales for contractors could rise in the industry, and as a result, you might pay more for the same project a year or two down the road. Now is the time to plan and execute your house renovation ideas!
Renovating Makes Dollars and Sense
No matter how nice your home is, there’s always something that could be improved. That could be new countertops in the kitchen, a new standing shower in a smaller bathroom, or even an addition or sunroom for more living space and enjoyment.
Putting money into renovating your property now not only makes it more fashionable and functional, but it can pay off in the future with higher property values. However, knowing exactly why you want to renovate can save time, money, and give the contractor a better focus.
More money in your pocket means more to do the things you want in life! On that note, check out our lifestyle section for information about great food and exciting travel.