Imagine coming across a big chunk of money you’ve never had before. Perhaps its from a tax return, a year-end bonus or was handed down to you by relatives.
There is a god chance you already have a hundred ideas in your mind about what you can do with that money. You and your children need an updated wardrobe, you can use a new car, there’s always room for saving or maybe you are in desperate need of a vacation.
Before you run off and do something unpractical with this money, we recommend putting some thought into it. After all, its not every day you are gifted with this money.
Have you ever considered your house? A home is one of the biggest investments for most families. The money spent on a home renovation is generally earned back once the house is sold. So, while it might seem like a big cost up front, know that your money is not completely going down the drain.
Your home is also where you spend the most time. Why not make it comfortable for your family? A comfortable home that people look forward to coming home to is proven to boost your quality of life.
Is a Home Renovation Worth It?
Selling a home can be a nightmare. Packing up, moving your family and getting the price you want can all be difficult, and, in some cases, it could take months before someone even looks at your home. Instead of going through this process, why not just turn your home into your dream home?
One reason to renovate your home is if your home is no longer functional for you and your family. If you have lived in your house for a couple of years, a lot can change. Your family can grow, demanding more space in your home, appliances become run down, floors creek when you walk, etc.,
Maybe you don’t plan on selling your house this year but in the near future. If you notice your house is outdated compared to the other homes, a renovation can help you get to the level of the other homes so it’s not impossible to sell your house when the time comes.
If you love the location of your house, have friends in the neighborhood, and don’t have a reason to move other than you want a new house…do not waste your time or money moving. You would be surprised to see what a renovation can do! Everyone loves the thought of a new home, but a renovated home done by the right team can make your home even better than a new home. When you bought your home, you must have loved something about it. Whether it be the backyard, the neighborhood, the exterior…Whatever it may be, a renovation will make you fall in love with your home all over again.
How Can A Home Renovation Save Me Money?
If you notice your energy bills have skyrocketed, it might be time for a home renovation. That might seem a little contradicting to spend money as a resolution to increased bills. However, there are renovations out there that can lower your monthly expenses. If your home is old, and you figure it has been years since the home has seen a replacement for its doors and windows, now might be the time. Energy-efficient windows and doors can prevent cool air from coming in during the winter and prevent warm air coming in during the summer. A simple renovation that involves replacing the doors and windows will significantly reduce your energy bills, saving you money month to month.
How Can A Renovation Make Me Money?
The cost of a big home renovation can seem like a lot of money up front, but if you think about it, you are actually making money. If you are one of the lucky people to not have a mortgage payment, buying a new home makes absolutely no sense. Why would you leave your home to go make payments on another home? The renovations that you do before you sell your home will allow you to ask for a higher price when it comes time to sell the home. Whatever money you put into the renovation will come right back to you when its time to sell. Here are some Statistics from Zillow.com to show you which home projects deliver the most return on investment:
· Replacing your front door and your garage deliver a 85-100 percent ROI because of the boost in the curb appeal and their high functionality.
· Siding replacements and wood deck additions deliver a 70-80 percent ROI.
· A minor kitchen remodel will deliver 70-80 percent ROI and a major kitchen remodel will deliver about 65 percent ROI.
· A window replacement will deliver 68-78 percent ROI.
· A roof replacement will deliver 60-70 Percent ROI.
· A Bathroom remodel will deliver 60-70 ROI.
The information above is based on the national averages for mid-range homes. Home renovations are fun projects but if you are looking to make money on your home, consider the projects that see the biggest return on investment.
If your kitchen is outdated, even a small remodel is worth the money. The kitchen is one of the most used rooms throughout a home and is usually a room that all home guests see, which is why it is so important to home buyers to have an appealing kitchen. Additionally, home buyers are willing to pay more for a home that has a remodeled kitchen because they are aware of the costs and don’t want to do it themselves.
How to Get Started on A Home Renovation
Once you have decided that you are ready to update your home, its time to find a renovation team. If you missed our latest post, check out How to Build A home Renovation Team You Can Trust. The team you hire to complete your home renovation is very important because you want to know they are reliable, trustworthy, and will do the best job in creating a home that you love.
At Legacy Renovations, we want to help our customers create a home that is comfortable and special to them. The passion, love and excitement that we have for what we do take us far beyond the traditional methods of home remodeling.
If you are considering a home renovation and want to learn more about our work and how we can help, contact us! Turn your home into the home you have been dreaming of.
