Owning a house in today’s real estate market is a joyful experience. The day you sign the papers making it your own is sure to be a momentous memory you won’t be in a hurry to forget. Whether you are living in it yourself or renting/leasing it out to tenants, your house is bound to save you money or is making you money, and will continue to do so for as long as you own it. Pretty neat, huh? There’s, however, one condition: Your house should not only be habitable but also to increase the chances of it getting rented or bought, you need to keep it up with the times. Yes, I’m talking about renovation! As with all financial investments, you only stand to gain more when you invest more, and as real estate rarely ever depreciates in value, you’re guaranteed to make your money back in a short time!
Here are some reasons why you should consider renovating your home periodically.
New Trends in the Neighbourhood:
When new models of cars come out, the older ones, sleek and well maintained as they may be, start to feel like dinosaurs on the road pushing their owners to replace them with newer models. In the same way, when new properties spring up in the neighbourhood with more modern materials and designs employed in their construction, it can make the one you’re currently living in look ancient and out of place on the block. Unlike cars, however, it is impractical to move to a new neighbourhood, which would be the equivalent of buying a new car, but rather, it’s more prudent to invest in a make-over to bring your existing house up to date with the times.
House in General Disrepair:
Sometimes, when you find out your home has chronic issues with electricity, plumbing and general repairs; you always find yourself patching up the ceiling to stop leaks when it rains; looking for ways to get rid of bats that have made their home in the space between the ceiling and the roofing etc. This usually reveals the full extent of the causes of your home’s problems: faulty electrical wiring, broken plumbing, cracked tubs, broken sinks, leaky roofs, etc. Giving your home a complete make-over fixes the real issues once and for all, and not only deals with patching up the symptoms.n
To Repurpose The House:
Another time to consider renovating your home is when you realize you have more space than you need. For instance, the children have all grown up and moved out, leaving empty rooms. You might want to re-purpose some parts of the house, some of which may require merging rooms, especially if the now-vacant rooms were small individually, but together would be large enough to suit your new purpose. You might want to convert some rooms into the study, library, home office, etc.
When Letting, Leasing or Renting Out:
When you decide to make your home earn you some money on a regular basis, a renovation might be just what the doctor ordered. Especially if you have difficulty renting it out at the price you want. Remember the joy you felt at the idea of moving into a brand new home when you first acquired it? Why not give your prospective tenants that same experience or a similar one? Renovating your home will not only raise its value but will also make it more attractive to prospective tenants, and consequently, make them more likely to pay the price you want.
These are by no means all the reasons for which renovation projects should be undertaken, but they are among the most practical. Ready to renovate your home but not sure how to begin? Check out these 5 steps to remodel your home and while at it, be sure to avoid these 5 costly mistakes when renovating. Have you renovated your home before? Tell us some of the reasons behind it in the comments below.