Home renovations are expensive, time-consuming, and even when they add value to a property, they often cost more than what you get in return. That said, there are still some great reasons to consider investing in a home renovation project. If you’re struggling to decide whether or not to renovate, here are some strong arguments you can write down in your “pros” column.
1. Renovations reduce maintenance costs
A home renovation project creates a perfect opportunity to fix ongoing issues with your house. It is also an opportunity to anticipate potential problems before they appear. Do you have old pipes that need to be replaced? Fixtures that no longer work as they should? Maybe your appliances are old and inefficient, or your power plugs aren’t up to the latest safety standards.
These and various other issues can be solved during a renovation project. And taking care of various issues at once leads to less downtime than if you had to tackle each of them individually. If you’re planning a renovation, it’s a good idea to start a list of issues to tackle a few months in advance. Filling out that list over a long period is a great way to make sure you don’t forget to tackle anything.
2. Renovations increase property value
As mentioned above, renovations don’t always turn a profit. It’s easy to spend more renovating than you’ll recoup in additional resale value. However, if you work with an expert and plan your renovations carefully, it is possible to turn a profit. And you’ll get to enjoy the results of the renovation until you are ready to sell.
Even if you don’t turn a profit, you’ll at least recoup some of your losses, which helps take the sting off the renovation costs. That alone is often enough to encourage homeowners to remortgage their homes to invest in renovations.
3. Renovations can make the property safer
The idea of aging in place has become popular over the last few years. “Aging in place” refers to individuals living in their own homes for as long as possible while they grow older, without moving to a nursing home or a retirement facility. Often those looking to age in place will invest in features that make their homes safer and more senior-friendly, which is where renovations come in.
If you’re planning on housing a senior relative or growing old in your house, then renovating might be a good idea. You can use renovations to add a variety of safety features to the house, from non-slip floor tiles to bathroom safety bars and a staircase elevator.
Even if your goal isn’t to age in that house, these improvements will prove useful if you decide to take in an aging relative. And while making this type of renovation can be costly, there are plenty of financing options for people looking to renovate their homes after retirement, as this guide on 1st UK pensioner mortgages shows.
Of course, seniors aren’t the only ones who need additional safety. If you have noticed areas around your house that are likely to cause accidents, then a renovation project can be a perfect opportunity to fix those issues. And there is also a plethora of renovations that can help make a house safer for toddlers and small children.
4. Renovations can increase comfort
Do you need more space? Is a certain door frame too narrow, or maybe the kitchen is too cramped? Perhaps the issue isn’t a lack of space, but an excess of it; some rooms just feel too empty and you could afford to have extra storage or some additional fixtures in that area.
Regardless of what is on your mind, a renovation project can be an opportunity to fix all the pet peeves you’ve ever had about your property. Don’t underestimate the long-term benefits of making your home more comfortable for you and your family.
It is also worth noting that many of the comfort improvements you’d appreciate will be things that potential buyers also appreciate. Extra comfort may not necessarily lead to a bigger sale price, but it can help the house sell faster once you announce it.
5. Renovations can improve energy efficiency
Perhaps one of the most cost-effective types of renovation is the one that focuses on energy efficiency. Improving your home’s insulation and lowering its energy consumption can do wonders to reduce how much you spend on utilities every year. And there is no end to the types of renovation that can help you achieve either of those goals. Popular candidates include: getting more energy-efficient appliances, replacing old windows, replacing old doors, closing gaps in the flooring, and more.
The best part is that the longer you live in a house, the more you’ll save thanks to investments made in energy efficiency. If you’re planning to stay there for over a decade, investments made today may well pay for themselves during that time.