There are many reasons people renovate their homes. Some see the renovation as a short-term investment that will yield returns when they place the home on the market. Others see a home that almost matches their dream home, but lacks one or two features that they really want. Most homeowners find that at some point, the desire to renovate stems from one of three reasons.
Improve the Layout
As your family grows, so do your family’s need for space and the current layout may no longer meet your needs. Children grow older and want their own rooms, you start cooking more meals at home and need a kitchen island or you realize a Jacuzzi tub in your bathroom would provide the perfect getaway.
The need to change the home’s layout is one of the chief reasons people renovate. You maintain the “bones” of the home and rearrange interior walls to fit your vision. The renovation can be as large as stripping the home to the studs, or as small as knocking out a wall or adding a door. The only limits are your imagination and the size of the interior.
Add or Expand the Space
Adding a room for an aging parent tops the list of reasons people renovate homes they love. Aging parents often require some supervision but they also need to enjoy some privacy and freedom. The existing space may not be large enough for the family’s needs.
Adding a room to your home such as a home theater space, a home office, a laundry room or enclosed sunroom are additional reasons people renovate their homes. When rearranging the home’s interior isn’t enough, it’s time to consider an addition. A room addition is often more affordable than you might think and it allows you to tailor the new space for a specific purpose.
Bring it “Up to Date”
The bones and overall style of homes built in the 60’s, 70’s and 80’s are popular choices for renovating today. However, you often have outdated plumbing, electrical work and safety features that are not up to current city codes. While it is not always required to bring these items up to code, it is definitely safer to tackle while renovating!
Another factor for renovating now may include more energy efficient options. Windows, doors, and even kitchen and bathroom faucets can be updated and provide major savings in money and energy. Adding new insulation to your attic area can help seal air leaks and improve your home’s heating and cooling costs.
Increase Home Value
If you moved into your home a decade ago, many of the features that attracted you to the home may now be out of date. Lime green tile on the bathroom floor was a big hit in the 1970s and shag carpeting in the living room was an attractive addition in the 1980s, but those features are now more detrimental than valuable.
An investment of just a few thousand dollars can reap bigger returns when you try to sell your home. New light fixtures or the installation of large windows can return three to four times your investment, while a master bathroom expansion may return up to five times your money. If you want to complete some renovations to raise the value of your home, speak with an experienced contractor before beginning any work. Most upgrades will increase the home’s value but you want to put your money where it will benefit the most. Read more about the home renovations with the best ROI.
Long, dry summer days in Texas and a drop in the price of construction materials create the perfect conditions for starting your home renovation project. Whether you just want to give your home a quick update to make it feel more modern or you require a complete interior/exterior redesign, starting your project now means it will be finished in time to show off during the holiday season.