1. Improve the home's value
A home is an excellent investment when you put a little TLC into it. A simple update can go a long way! The value of your home will always fluctuate with the economy but a little renovation is your way of controlling the price tag put on your home. Little improvements along the road make such a big difference when it comes time to sell or just enjoying the overall aesthetic of your home. A couple projects we have found that have the best immediate return include opening up main living areas, replacing the front door, and updating the kitchen or bathrooms.
2. Update the home’s style
If you start to feel a little bored of your space, it might be time for a change. Big or small. When it comes to home decor, trends and styles are always changing. Avoid any fad trends. Always best to stick to something neutral and professional, with a little flair of your own personal style. It will feel like a brand new place once you finish some little updates and give you something to be proud of when guests stop in. Get some inspiration on Pinterest!
3. Fix a safety issue
Over time things do need to be repaired. Roof leaks, electrical and / or plumbing issues, or even cracks in your home’s foundation are potential problems that need to be addressed as soon as possible. Putting off projects such as these could result in big damage with a hefty price tag!
4. Upgrade the home’s function and efficiency
With a good plan, things like removing a wall or moving a fixture can create more useable space for you and your family. Open floor plans are increasingly popular because the natural light is able to get in and eliminates the need for a lot of unneccesary light fixtures. Maybe you need a bigger kitchen for entertaining, a media room for the kids, or outdoor living space to enjoy your summers in the warm weather.
5. Prices for materials keep going up (The longer you wait the more you pay)
As true with most products, prices will go up and not down. Manufacturing companies don’t normally offer sales. So when the costs of materials go up, so do your costs of remodeling. The sooner you get your update on a schedule, the cheaper the end cost will be!
6. Interest rates for building loans are low
Today, the majority of homeowners rely on financing to complete most bigger home improvement projects. While home prices are going up, the price of home equity loans are still pretty low compared to previous years.
7. It could be cheaper than buying a new home
If you enjoy your home and / or the area you live in, moving might be a last resort. You can potentially save a lot of money avoiding costs associated with moving. Thus, leaving you more extra cash to put back into your current home. Not to mention, the avoided stress that comes with time invested in searching for a new home and packing to move.
8. Make your basement usable
This project is vastly underrated! While finishing your basement can be costly, it is well worth it. This adds a ton of useable space for your family – a media room, bar, lounge area, at home gym, extra private bedroom and many other options. Plus, adds square footage to your home, and is a huge selling point if the day ever comes!
9. Energy Savings - Make your home more eco-friendly
Had you done your project a few years ago, you probably wouldn’t have put too much thought into energy efficiency. But heating fuel and electricity costs keep going up. There’s so many products in the market place now that will reduce your carbon footprint. You can talk to your village and see about what benefits they offer for making environmentally friendly renovations to your home. Keep in mind some ‘green’ products will cost more initially but you reap the benefits in the long run.
10. To prepare your house for sale
If you have decided you want to sell, there are some small renovations you can do that will increase your home value without too much spending. As mentioned above, bathroom and kitchen updates are always a good idea. If you can’t afford a full remodel, small changes such as painting, replacing old light fixtures, changing countertops, or some new tile will update the space without a big investment. A fresh coat of paint is the most cost effective improvement and always stick to neutral colors. Even a little outdoor landscaping will do wonders. Consider speaking to a local real estate agent if you are unsure about what changes to make!