5 Reasons Why Home Remodeling Is a Good Investment
Regardless of how old your house is or how your home may look, there’s always room for home improvement. If you haven't yet made up your mind to start a home renovation project, know that if you have problems in the house (such as faulty plumbing or electrical wiring), these problems will only compound more and more over time. You should not wait for an accident to happen to decide on a remodel. If you have already lived in your home for more than a decade, chances are a home remodel could greatly increase your home's value.
Here are just a few benefits that home renovation can provide.
1. Increase overall livability and comfort
Of course, the top reason you may consider home renovation is increasing livability and comfort in your house. Everyone wants to feel safe and comfortable at home. The best home remodeling improves the house's level of comfort and functionality. For example, a well done bathroom remodel will create a refuge for relaxation and privacy. A kitchen remodel makes your cooking process a lot easier and even more fun. And a dining or living room area remodel provides a family time zone that brings the whole family closer. Even by merely rearranging layouts and fixtures, your cramped house can become much easier to move around and create a drastically improved space.
Adding more room in the house
Another common reason for home renovation is to create more space for the family. If you have a big or growing family, instead of changing your house, you may still be able to make your current house suitable by adding an extra bedroom or bathroom.
No one wants to live in a box, therefore making sure every family member has enough space in the house is very important. You may even find that your family relations become better after adding extra living space. Also, if you love to host house parties, expanding your living room space is a great idea since you and your guests will have adequate space for social gatherings.
Additional bathrooms are an often sought after feature of many home remodels. Having multiple bathrooms is almost essential if you have a big family. It can be pretty difficult to be comfortable and happy sharing a bathroom with five other people. Plus this is also an easy way to add value to the house if one day you want to resell it.
2. Lower your energy bills
Did you know that a house remodel can actually pay for itself in the long run? By simply replacing drafty windows and doors with well-insulated ones, you will save money each month on your electric bills for years.
To increase your home's efficiency, another great way is to replace your hot water heater. On top of that, at the end of the year these two remodeling ideas can be used as a tax credit, which means the remodeling project may lead to cash savings that equal or exceed how much you spent on it.
3. Reduce cost of maintenance
Even new homes will weather over time, but proper house maintenance can help slow this process. There are a lot of aspects of your home need to be taken good care of regularly, such as windows, doors, seals, roofing, drainage, etc. Very often you will find that home repair costs are actually higher than you expect when you neglect housing maintenance issues.
To save yourself costly and time-consuming potential housing problems down the line, you might want to consider some home improvement projects on your house. As a house remodel may reveal issues that you would never find on your own, you have the opportunity to eliminate them while the house is being worked on and kill two birds with one stone. The extra cost of doing so is often far less than it would have been to undertake this task alone.
4. Lifestyle changes
We often hear that some clients or friends begin a totally different lifestyle after they renovate their homes. For instance, having a well designed kitchen helps homeowners eat out less often because they now have a better space to prepare food and cook. This move helps them to not only have a relatively healthier diet, but also save money from not spending excessively on dining and restaurants. As another example, if you have a comfortable place at home to relax with your friends, you might not go out as frequently as before.
Overall making the home a more enjoyable space to be in reduces the time you feel you need to spend outside your home and puts money back in your wallet.
5. Boost resale value
After your home renovation, you may love your house so much that you don't want to move anywhere else ever again. However, you never know what the future might hold and if you decide to move, getting the best return on your investment can be the deciding factor. This is why 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.
Home renovation is surely a good investment, as its potential gains can outweigh the initial money you put into your remodeling project. For example, bathroom renovations can easily add an extra $3500 to the price of your home, which means it recoups 80% to 90% of their costs in home value. According to Remodeling magazine's 2017 Cost vs Return Report, attic insulation is another good investment on your house, due to its 107% ROI (Return On Investment) on average. In the Atlanta area, the cost recouped of attic insulation is even higher at 123%. In short, you'll not only have an improved and more enjoyable living space, but also get even more money back when it’s time to sell.