Anyone who watches HGTV on a regular basis runs the risk of becoming addicted to home renovations. For many, it’s a labor of love. But for countless others, just the thought of a home renovation is enough to raise the blood pressure. Regardless of which category you fall into, it’s hard to dispute the many benefits of turning something old, dilapidated, or out of date into something shiny and new. Here are the top five motivations to improving your home from Cliffco Mortgage Bankers.
Motivation #1: Your home’s built-in equity can increase its value.
The perfect combination of low interest rates and rising home values puts many of today’s homeowners in the fortunate position of having built-in equity in their homes. If your loan-to-value ratio is low enough and you don’t plan on selling in the near future, it might be wise to obtain a cash-out home refinance or home equity line of credit to fund home improvements. Key renovations to your home’s exterior, kitchen, and bathrooms can substantially increase its value.
Motivation #2: The right improvements can make your home more functional.
If there are things about the layout or construction of your home that bother you on a daily basis, you should do something about them. For instance, if family members are competing for shower time and you have an additional half bathroom, it would benefit everyone to add a shower or bathtub to that bathroom. Or if there is insufficient cabinet space in your outdated kitchen, you should consider changing its layout to include a functional center island with bar stools. This will give you additional storage space while also serving as your kitchen table. Or perhaps your home feels smaller than it is because every room is enclosed. Knocking down walls can give you a bright and modern open floor plan with clear site lines to different living areas of the home.
Motivation #3: You won’t have to move.
Barring any major factors (location, need to downsize, etc.) that might make moving necessary, renovating your home to suit your needs may be a more practical choice. There are significant costs involved in selling your home and moving into a new one. If your home has “good bones” and you’re happy with your neighborhood, performing some renovations can make staying in your current home an attractive option.
Motivation #4: Better energy-efficiency can save you money.
There are several ways to make your home more energy efficient. These may include replacing an old roof as well as drafty windows and doors, upgrading your electric and plumbing, and replacing old washing machines, dryers, refrigerators, dishwashers, etc. with newer Energy Star appliances. Many homeowners have also had solar panels installed on their roofs, which is a great money-saving option that’s gained popularity in recent years.
Motivation #5: It can make you happy.
Last but certainly not least, home renovations have the potential to make your life easier, your home more comfortable, and your quality of life better. From basic improvements to major renovations and over-the-top luxury, home renovations have the ability to turn your house into your dream home. So if there’s room in your budget for a renovation, go for it!