This one comes first for a reason. Although there are many good reasons to renovate your home, your own comfort and enjoyment of the space is really the most important factor. Making your home a more enjoyable space to be in reduces the time you feel you need to spend outside of your home. If your home is out of style, modernizing it could make it a more desirable retreat.
Some home renovation projects just can’t be put off. Electrical problems, roof leaks, plumbing issues, or a crack in the foundation are problems that must be taken care of to keep your family safe and prevent catastrophic issues.
One of the best reasons to start a home renovation project is that you can increase the value of your home and boost its selling potential. If you plan to sell the home within the next few years, you may want to renovate some or all of it with an eye toward getting the most you can when you put it on the market. Some projects that could have the best return on investment are opening up the main living space and updating the kitchen or bathrooms.
A shifting family dynamic is a huge reason to renovate. You have a new baby on the way, or your grown children are moving out. Maybe your parents are moving in. Whatever it is, your home needs to flex with your needs either by adding on a mother-in-law suite, building a second story, or moving your master downstairs. It could even be building a new structure on the property for a guest house or “home office”. There’s nothing like family to whip your home into shape.
New windows, a heat pump, and added insulation are examples of improvements that can decrease energy costs and pay for themselves over time. More efficient homes are also more attractive to buyers if you want to sell since they know costs will be lower on an energy-efficient home. Whatever you decide to do, don’t put off energy improvements or maintenance issues for too long. Very often you will find that home repair costs are actually higher than you expect when you neglect housing maintenance issues.
If you have some renovation ideas in mind, when at all possible, the time to act on those wishes is prior to moving into your new home. Waiting to move into the home until after the renovation is complete could save you a lot of headaches by not having to live with the dust, noise, paint fumes, and contractors coming and going. Also, projects go much faster when there is no furniture (or people) to work around.
How can you possibly sell the house you raised your kids in? After all, the lines showing their heights at different ages are still in the kitchen doorway and you can still picture them taking their first steps across the living room floor. Sometimes the memories are too good to leave, at least for now. In this case, it may be better to renovate and update the space you still love rather than reluctantly sell your home.
When you factor in the cost to make updates, place your house on the market, pay closing costs and fund a move, the cost of moving even a short distance can climb quickly. Expect to pay north of $10,000 if you’re hiring full-service movers. The cost can still reach above $1,000 for just a moving van rental. If you’re expecting a modest net profit on the sale of your house, the additional cost to relocate may not be worth it.
Sure, you could move to another house that could fulfill some of your needs, but the thought of leaving your beloved neighborhood isn’t worth the lateral exchange. Its far better to stay where you love and update your home to be the space that you’ll love.
Whether your home is vintage and quirky or just slightly outdated and run down, renovation retouches can drastically improve the value of your space for years to come. From a fresh coat of paint to new fixtures and appliances, renovating your home can increase its aesthetic value and allows you to create a living space that reflects your own personal style. There are a number of home renovations that can drastically improve a previously lifeless space.
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