Invest in Your Home: The Importance of Remodeling for Your Future

Remodeling certain areas of a house is one of the best ways to increase the comfort, beauty, and functionality of a home while also mitigating expenses through increased property values. From the kitchen, to bathrooms, to the yard, there are a lot of areas where a home remodeling job will improve your quality of life while also significantly raising your home’s value.   Your home is not only the place where you spend most of your time, it’s a representation of who you are and a huge investment that deserves attention and upkeep. Choosing the right remodeling jobs is the best way to take care of this investment and give it the care it deserves. Let’s look at the main reasons why remodeling your home is one of the smartest investments into your future that you can make.  

What to Consider When Remodeling

Before beginning any construction or major remodeling jobs, it’s smart to sit down and go over two key concepts and ideas first. These two decisions are choosing which area to remodel and determining the budget while figuring out how you will pay for it. These two decisions can have a huge impact on your overall financial success and how great of a return on investment you will achieve.  

Choosing Where to Remodel

Certain areas of a home offer a greater return on investment and chance of recuperating your expenses by creating a higher resale value for your house. Netting back the amount of money or more that you spend if you sell the house is the goal, along with enhancing and improving the home’s functionality and quality of day-to-day life spent there.   Improving the outside of the house can offer a great increase in curb appeal and value without getting into the more expensive jobs. Replacing or repairing a wooden deck, for example, is a smart option. Replacing the siding on your house with nicer material or adding a manufactured stone veneer to your home can be an excellent option as well. When it comes to inside the house, the kitchen and bathroom are the two areas that offer the greatest value when remodeling. Kitchens are a major deciding factor for most buyers, and upgrading yours to a more functional, modern version can greatly increase resale value. In addition, turning the attic into a nicer, more livable space can increase the home’s value by more than it costs to perform the work.  

Figuring Out Finances

Since the ultimate goal here is not only to increase the home’s functionality but also to increase its value and make remodeling a smart investment, figuring out the best way to handle finances is another key choice.  For cost recovery, it’s smart to focus on improvements that will fix a specific design or structural flaw. Which areas in your home would benefit the most from remodeling? Consider designs that are popular with buyers like open floor plans, upgraded roofing, a reliable furnace, dry basements, fresh paint jobs, new appliances, better plumbing, or nicer countertops.   A home equity loan can be a smart way to finance, which can sometimes allow for interest-only payments until the home is sold and expenses are recouped. Planning on making the money spent back on a sale or an increased rental price is a smart move looking forward. However, don’t make the mistake of renovating the home to be far more valuable than surrounding homes in your neighborhood, as doing so may make it more difficult to recoup your losses. One of the key factors that will help you make smart financial decisions is always preparing a budget beforehand. Making key decisions like whether to DIY or hire a contractor will help you decide how much you have available to spend and make sure the project stays within budget.  

The Many Benefits of Home Remodeling

If you’re considering investing in your home by remodeling it, you’re far from alone. Americans spend almost $500 billion per year on home renovations, and financial and real estate experts unanimously agree that it’s one of the best ways to increase your home’s value and invest in the largest and most important asset you have.  Remodeling your home, when done correctly, can improve your life and make you happier in many ways. It can increase energy efficiency, which will lower utility bills while you live there, and will allow you to keep up with trends and keep your home modern and up to date. Remodeling can add living space, which is key for families sharing a home.   Overall, there are many benefits to remodeling your home, which is why most homeowners are constantly considering which areas to improve and upgrade. There’s nothing better than a house that truly feels like home, and remodeling is one way to achieve that. Following these steps and working with expert remodelers will ensure that you will end up with a home with more resale value, beauty, and functionality.