When does a home renovation make sense?
Any time you need improvements to the functionality or structure is a perfect moment for a renovation project. Your carpet could be outdated, the electrical circuits could use an upgrade, or the roof may need a repair.
When you make these updates, the work improves your property’s curb appeal while turning your house into a safer home.
Although some home renovations don’t make sense for practical or budgetary reasons, the following situations are an excellent time to consider investing some cash into an update.
When Does a Home Renovation Make Sense?
Instead of waiting for an emergency to repair your property, a proactive approach to home renovation is helpful.
For most people, the final decision comes down to three specific questions.
- Am I in the location where I want to be?
- Does renovating my home make my life easier?
- Will I have enough space if my family keeps growing?
If a house isn’t working for you, it might be cheaper to move to a new home. When you have treasured memories and money invested, an update could be the better solution.
Here are the benefits that a renovation project could offer.
1. It increases your overall comfort and livability.
Adding more room to a house is the most common reason for taking on this project. Living in a box can feel like a nightmare, so each room update should take a personal tone. Your home should be a reflection of your lifestyle. Who wants to share one bathroom with a family of six?
A home renovation goal should be to add comfort to each space based on how it gets used. If you have a formal dining room you never use, why not turn it into an office?
2. You can lower your energy bills.
If you’ve lived in your home for over a decade, a renovation could eventually pay for itself. Updating your doors and windows with weatherstripping and additional energy efficiency upgrades could save hundreds or thousands of dollars over a year.
Adding or replacing outdated insulation could improve your home’s R-value to keep your indoor environment more consistent. Even replacing your water heater could be the one investment that lets you start reducing your power bills.
3. It reduces your long-term maintenance costs.
As the appliances and home structures age, it starts costing more to take care of those assets. Some items need constant care, such as drainage, windows, and seals. When you neglect your ongoing maintenance issues, the repair expenses tend to be higher.
Remodeling a house can reveal issues that you’d never discover without starting this project. You get the chance to improve the safety and functionality of your home while correcting festering problems that could cause future problems.
4. You can adapt your house to your lifestyle.
When you start renovating a home, it changes your life decisions. If you spend thousands to update your kitchen, the improved design may have you preparing more meals instead of buying them.
Adding comfort to your home ensures that you can relax with your family or friends there instead of spending money to go out. Renovation projects create enjoyable spaces that make it fun to hang out whenever the mood to relax strikes.
5. It boosts the resale value of your property.
Although your house’s value should be a secondary concern (unless you’re trying to flip it), a renovation project can increase your eventual sales price. A simple bathroom update might cost $4,000, but you’d recoup about 80% of that expense into equity. Adding attic insulation, updating other spaces, and improving your flooring are all ways where you can get more money back when it’s time to sell.
Each house has different attributes that could develop added value with an update. If you take a look around your property right now, there’s at least 1-2 items you could affordably renovate to capture additional equity.
Are You Thinking About a Home Renovation Project?
Home renovation projects can be complicated or straightforward. They are often affordable, although a few updates can get costly at times. A lot of the work can even be done by yourself to add even more value to the property.
When do you call in the professionals for a home update? Any time you encounter a project that requires specialized skills you don’t possess. Electrical, plumbing, and roofing updates are often outsourced, even by DIY experts.
There are times when a home renovation makes sense. If your property could use an update, let us know so that we can breathe new life into your house again.