Renovations are one of the most searched terms online by homeowners, but did you know that there are more reasons to renovate your home than being tired of the way your kitchen looks? Below are 5 reasons your family may want to renovate your home.
Improve Your Home’s Value
Renovating your kitchen or bathroom is a surefire way to boost the value of a home. When an appraisal is performed on your home, the appraiser looks at more than the area and structure of a home. They also take into consideration the value of the home’s fixtures.
Adding new countertops and cabinets can help increase this value and will increase the value of the home more than it costs to do the renovation.
Turning Your Property Into A Rental
After the introduction of Airbnb and online rental directories, it has never been more competitive to fill a rental property. If you plan to rent out your entire home or a spare room, it might be time to consider a renovation. Even something as simple as new paint can help you stand out over other rentals in your area.
Selling Your Home
Looking to sell your home in the next year? Make sure you start renovations long before you ever plan to sell. Not only can they take longer than you would expect, but due to the price of getting it done, it may need to finish in segments.
Updating your home before selling will help demand top dollar for your home. This is critical in a buyer’s market or seasons like winter that tend to have lulls in home purchases. If you neglect upgrades, you will likely end up making heavy concessions such as price drops, seller paid closing costs, and selling to less qualified buyers.
Making Your Home Efficient
Renovating your home is a terrific way to curb your monthly bills. If your house is not efficient, it can be working in overdrive to achieve what “seems normal”. Outdated HVAC systems, leaky faucets, poor insulation, and broken blinds are the culprits for high monthly energy costs. Looking at these items can help reduce these monthly costs and prevent any problems when it comes to selling your home.
Making Your Home Smart
One of the benefits of newer technology is that you can now make your home “smart”. Making your home smart means using technology to help automate manual tasks and combine all your items into one system. This can include thermostat, security system, blinds, lights, speakers, and appliances and often will be controlled from your smartphone.
This renovation will not increase your home’s value but can make your day-to-day life much easier.
Looking to renovate your home but don’t have the cash to make it happen? A refinance could be the perfect way to fund your home’s renovation. Click here and schedule an appointment to speak with one of our refinancing experts.