There are many reasons to renovate your home. But before you start knocking down walls and tearing up floors, spend some time thinking about the end result. What are you hoping to achieve and how are you going to make it happen? Here are some common reasons why homeowners renovate.
If your living quarters are feeling a little cramped, consider building an addition. It might be a small space—just enough to add a powder room on the main floor—or big enough that you would want to knock down a few walls to create a whole new open-concept space. Whatever your needs, a renovation is a great option. Consider tapping into your home equity for a renovation loan. Once you’re making a change, why not do something for the environment? Visit The Home Depot for Eco Options and help reduce negative environmental impacts everyday.
Increase in value
All renovations are not created equally. A quality renovation of an outdated kitchen is likely to offer a greater return on your investment than a home office. It’s also important to remember that the price of an upgraded kitchen is roughly the same whether your home is worth $100,000 or $700,000. This means that it’s usually easier to recoup the investment from a more expensive home, simply because it represents a smaller proportion of the home’s total value. Be cautious not to over-improve your home beyond the affordability threshold of your neighborhood.
For many homeowners, renovating is a long-term plan, unless you are planning to flip the house. If you are looking to upgrade your new home and then sell it, speak to a homeowner who has renovated for this reason. He or she will likely tell you that unless the financial return outweighs the planning, disruption to your regular routine and headaches that accompany a large scale renovation, it’s just not worth it. Before you begin renovating, make sure you are familiar with the floor plan and amenities that potential buyers are looking for in your neighborhood. The Home Depot can help you choose paint colors that will create a neutral environment where potential buyers will feel at home.
In the end
Renovation decisions are made on a case-by-case basis. Whatever your reasons for wanting to renovate, don’t forget your home is much more than just an investment. By using common sense, planning ahead and hiring reputable and qualified trades people, you may find that renovating is a smart move for your family and your wallet.