With around 22% of homeowners expected to spend $5k to $25k on home renovation projects in 2022, it’s evident that home renovation is a project worth investing in. It can transform the look of your home, enhance the aesthetics of the space, increase the resale value of your property, and offers a lot of other benefits. Let’s have a look at the top eight benefits of renovating your home.
Increases the Value of Your Property
From renovating kitchen cabinets to applying a fresh coat of paint, there are various simple home upgrades that can drastically increase the value of your property. According to CNBC, small replacements like replacing garage doors or windows pay back as much as 75%. Renovating an exterior that increases curb appeal can also significantly improve payback value. For instance, deck addition increases payback value by up to 17.7%, garage door replacement by up to 18.6%, and stone veneer installation by up to 15.7%. Likewise, interior renovations like bathroom and kitchen remodels can yield a 65% increase in value.
Renovations not only increase the resale value of your home but can also help you receive a higher payout on your reverse mortgage loan. You can determine the value of your home with online tools like a house pricing calculator or reverse mortgage calculator.
More Living Space
Adding space to your home not only makes it look bigger but also accentuates the beauty of your current structure. It’s specifically helpful when you have a large family or your family grows over time. Adding extra rooms helps manage privacy and accommodate new family members.
Renovating allows you to add new space or extend existing layouts the way you want to emphasize your home’s winning features and minimize its flaws. For instance, you can replace a small window with a large, glass window to draw in more natural light and give your room a spacious look.
Reduced Utility Bills
Energy-efficient home upgrades can significantly reduce the costs of your utility bills. Heating and cooling your home consumes more energy and leads to increased costs of your bills. Upgrading these systems with thermostat settings, appropriate insulation, proper equipment maintenance, and air sealing can reduce energy use by 20% to 30%. Moreover, opting for energy-efficient lighting cut lighting energy consumption by up to 75%. Replacing household electronics and appliances and water heaters with energy-efficient solutions can also cut your utility costs.
In short, upgrading various systems and home appliances is an ideal solution to save energy, save money, and make your home more energy-efficient.
Give Your Home a Modern Touch
Upgrading old, dull structures with innovative solutions makes your home look more attractive and contemporary. You may replace the cement tiles and green tones with vitrified tiles, neutral tones, or wooden flooring to give your space a modern, minimalist look. Replacing old pain with pale walls can make your space look larger and airy. Recessed lighting can add glamor to your home’s ambiance. You can update the look of your living room by replacing sofas. The options are endless- any upgrades will give your home a timeless statement while adding to its resale value.
Less Future Maintenance
Replacing low-quality structures and materials with high-quality items is a long-term investment as it helps avoid unwanted repairs and replacements in the long run. You do the job once and save money for years to come. For example, repainting your home’s wall with high-quality paint will keep it from wear and tear for years. Investing in high-quality flooring also means you won’t have to replace it every two years or so. So, upgrade any low-quality items and save on costs for future maintenances.
More Comfort and Relaxation
It can be hard to settle in a space when you know there are certain flaws that need to be addressed. Ignoring them can give you stress and may keep you from fully relaxing. For instance, if you feel that your bedroom looks cluttered or congested, then you can upgrade the design to your liking. It will give you a pleasant and relaxing feel.
Improve Curb Appeal
If you plan on selling your home in the near future, renovating the exterior can help increase its curb appeal and attract more buyers. You can give a fresh coat to paint to walls, plant more trees and flowers, and upgrade walkways, sidewalks, and hardscapes to lighten up the exterior and amplify your home’s curb appeal.
Customize Your Space
Sometimes your home has all the basics, but you feel it’s not fitting what you want. A home renovation project allows you to upgrade basic structures to your personal style. You can change the layout of a room, customize storage space, add a porch swing, or do any upgrades according to your taste. Customization is cheap and easy with renovation than building a new home.