Sometimes it can be a challenge to decide whether or not to upgrade areas of your home, particularly if you’re thinking of selling.
However, there can be some major benefits in renovating your home. We explain here…
1) Increase the value of your home
This is an opportunity to grow your property’s value regardless of how the market is faring, so overall, it’s a great investment of your time and money. Be sure to speak with local real estate agents to check that your planned renovations will increase your property’s value by at least the cost of the project. If you’re renovating an investment property, the home renovations should be designed with a broad appeal in mind & focusing on factors that are most likely to appeal to tenants.
2) Improves your quality of life
If you aren’t planning to move soon or even at all, ask yourself; “Is this the way I would like my home to look for the next few years?” Even if you are thinking of selling, keep in mind that you shouldn’t renovate solely to impact the future sale price of your property, as this will leave you living in more of a show-house that doesn’t actually feel like your home. Your renovations should have lasting benefits for your lifestyle and family needs. Never overlook your own comfort & enjoyment!
3) It’s cheaper than the cost of moving & buying a completely new house
If you like your current area or home, renovating rather than selling up & buying elsewhere may be a better option for you (not to mention cost effective!). It helps you avoid a whole lot of expenses associated with buying & selling that can add up to thousands of dollars, & its money that could go straight towards improving your current home. Searching for a new home can also be stressful and time consuming. So instead of spending months looking for that perfect dwelling, why not upgrade your bathroom or extend your living space?
4) Restore character in your home
A lot of older or unrenovated homes are diamonds in the rough just waiting to be polished! Renovating these homes can be immensely rewarding, but make sure you thoroughly research the history of the property & the sort of features that apply to different historic styles. This will help you achieve a renovation that is both sympathetic to the style & provides modern conveniences. Note that older homes can present major challenges to renovators. Hidden expenses like uneven floors or poor structural support can stretch your renovation budget really thinly, so it’s wise to leave room in your budget for any unexpected expenses.