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A house is the main investment of a family. Unlike stocks, college savings, or bank interest, houses are the common link between every family member and the state of the house affects the whole family. You may have some extra money that you still don’t know what to do- you’re probably not sure of where you want to put or invest it, give your house a long good look and see if it’s in need of this money or not. They reason renovation is considered an investment is that it actually pays off in the end, the money you spend on renovations or upgrades increases the resale value of the house. When you’re investing in your house, you get the chance to make it more comfortable and convenient while increasing its value in case you’d like to sell it later.
Most people would choose to renovate their home instead of buying a new one, your home is your literal comfort zone, if it’s not, then you’re doing something wrong. More than 75% of Americans choose to renovate instead of putting a down payment for another house. In one year alone, 58% of homeowner revamped their houses. You may have a specific kitchen, bathroom, a walking closet, or any ideal setup for you in your mind. Your first instinct would be to upgrade your home instead of looking around for another house that has whatever you have in mind. When you renovate your home, you get to keep an eye on every little detail in the upgrade process, and that means more satisfaction with the setup you wanted.
We’ll be giving you a few reasons why we believe home renovation is worth the investment.
Return on Investment
The majority of home renovation projects are done to increase the value of the house. There are different types of projects that affect the pricing of the house. The most common projects known to increase the ROI are adding wooden decks, upgrading the kitchen, giving the bathroom a fresh look, window upgrades, and flooring. Simply upgrading anything in your house just to get a higher resale value isn’t practical, it depends whether you’re fixing an issue, a structural problem, or just doing it for convenience. Recovering what you paid for is dependent on what you had fixed. Decorations, for example, may increase the value of the house, but in most cases, they won’t help you recover what you paid to do them in the first place.
There is something you need to keep in mind when you’re choosing a project, it’s that you’re kind of trying to guess what a potential buyer would feel like paying extra money for. The average ROI in most states is almost always above 100%, so finding the right project will not only net you extra value, but also give you some extra comfort or space in your home.
Convenience and Comfort
You don’t have to think about which project will increase the resale value if you’re interested in living in the house for a while. According to Anthony and associates from www.anthonyandassociates.com.au they believe that using affordable 3D modelling can make you more comfortable about the result before doing an upgrade. A simple bathroom upgrade won’t cost you much and it has the potential to make the bathroom more private and functional. The same process goes for the kitchen, the living room, and any other room in the house, when you invest in it, you’re investing in your well being in your home.
Upgrading isn’t exclusive to existing rooms only, the most common upgrade for families is adding an extra room. If you’re a new family and happen to find yourself growing in size, the best course of action is to build an extra room instead of moving to another house. Additional rooms provide more privacy, whether it’s a bedroom or a bathroom, those upgrades can be essential to make your house be more suitable for all family members. If you get a lot of guests, building a guest room can make your home more hospitable and welcoming. This is an investment that really pays off both in terms of resale value and convenience.
Reduce Bills
It’s common to forget that you can also invest in making your house more cost-friendly in terms of energy bills. Drafts that get in your house can actually cost a lot of money in the long run if left untreated. Using insulating doors and windows can help you save money wasted on heating or cooling because of these rogue drafts. Switching to solar energy is a great long-term plan. It’s becoming very easy nowadays to switch to solar thanks to all the innovation and deals available. You can also get tax cuts or credits for such remodeling projects. You’re not only upgrading important facilities in your home, but you’re also saving money while doing it.
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Living Differently
A lot of people renovate their homes to being pursuing a different lifestyle than they’re used to. Some homeowners decide to upgrade their kitchen to be able to cook for themselves and go on a healthy diet. Some decide to make a room dedicated for watching films, they make sure that the acoustics, the space, and the overall design of the room is suitable for the setup of a home cinema. A room specifically made for social games like pool or table tennis makes it more tempting to invite your friends over instead of going out every day, not to mention that you can add a bar to spice things up. All these renovations have the potential to help you save money by reducing costly things that you are used to doing outside home.
The home location can be a variable worth considering when you’re renovating, if you’re looking to increase resale value, study the tax laws in your area and make sure those renovations align well with the local property area. It’s recommended to use professional help whether you have a specific design in your mind or not. If you’d like to save money when you’re renovating, you should consider spending some time familiarizing yourself with DIY projects before applying it directly. Upgrading your home can take some time, so be patient and plan ahead.
