Why Home Remodeling Makes More Sense Than Home Buying
In today’s unstable housing market nothing is for sure to say the least. But one thing remains certain, home remodeling and renovations are still a good investment. Not only can they bring you a return on your investment, but remodeling can have many other benefits to smart homeowners willing to invest.
With retirement savings, investments, and stocks all down you should consider putting money into one of the largest investments you already own; your home. Remodeling has always been a good choice for several reasons, one being that when it is done right, it can bring you a good return if and when you decide to sell your home. When renovating areas of your home like the kitchen or bathroom, the return can be as much as 300 percent or more.
The important thing to remember is to stay within a budget and to keep within the boundaries or price range of the other homes in your area. For example, granite counter tops or marble floors in a mid priced home in a middle classed neighborhood would probably be overkill and would not bring you back the investment you are looking for. But in a very high class home and area that would make perfect sense. The best bang for your buck can be in remodeling home bathrooms and kitchens but just stay within your area’s price range. A new roof, windows, and doors can also give you a great return.
Another great reason for house remodeling is to keep future repair costs down. Remodeling can be looked at like maintenance. For instance, replacing your roof or upgrading your windows can be preventive. When areas like these are neglected they can lead to other expensive repairs and replacements. Keeping up with maintenance and doing frequent upgrades will ensure that down the road problems, and the costs associated with them, are being avoided.
One main reason that a lot of people and homeowners seem to overlook is that home remodeling can simply be done because it makes them happy. A big upgrade or add on that is popular right now is the addition of a sun room or screen room. The biggest reason homeowners are having this done is not really the added value but simply because they want to enjoy the room themselves. Bringing yourself and your family happiness and even convenience is a great reason to consider in remodeling houses.
With home heating and cooling costs soaring many people are interested in home remodeling for the added efficiency. New windows, doors, roof, insulation, solar lights, geo thermal systems and so on can all put money in your pocket down the road. Many times a remodeling contractor can let you know how much a particular upgrade will save you and can figure out when you should start seeing a return.
For some, renovating is not their thing and would rather just move or buy a new home. But one thing to consider is that just because you sell your home and move elsewhere does not mean you have completely escaped doing upgrades and maintenance. Even new homes start needing attention after a couple of years. Home remodeling, when done correctly, can make more sense than home buying.