For the most part, you’re excited to take on a new project and totally revamp your space. But there’s something that’s stopping you from committing to it 100 percent.
There are cons to every pro. That little voice on your shoulder reminds you that renos cost a lot of money, and it could mean parts of your home are out of commission for a long time.
If you aren’t sure what to believe, keep reading. Here are three reasons why you should go ahead with your renovation.
- You’ll increase the resale value of your home
A renovation is a good idea if you have plans to sell your home in the future.
Any work you do to improve the safety or curb appeal of your property will help you sell your house faster and for more money.
It doesn’t matter if you have plans to beautify your landscape, take down a wall, or give your living room a facelift. If your upgrades make a significant difference to the look or feel of your home, you’ll be able to bump up your asking price.
Bathrooms, in particular, have the biggest impact on your resale. For example, a Baltimore homeowner was able to recoup 182 percent of a $9,400 bathroom remodel at resale.
- You’ll catch issues before they cause major damage
With a major renovation, you’ll get to see the bare bones of your house. This quick look behind the drywall can reveal issues that you wouldn’t have known existed.
These invisible problems can be dangerous. Think about outdated wiring. Electrical that doesn’t follow safety protocol makes your house a fire hazard, so it’s in your best interest to fix this right away.
Rehabbing code can bump up your costs, but it’s something you shouldn’t ignore. If you fall short of covering this cost, you can try:
- Changing your plans: Downgrade other parts of your reno, or eliminate them entirely, and use the money you saved to complete this essential repair.
- Use online personal loans: Online personal loans are ideal for unexpected and unavoidable repairs. You might be able to get a personal loan online within a business day, making them a fast-acting solution that fits your reno’s timeline.
Out of date wiring is just one of the many unexpected costs homeowners aren’t prepared for, so don’t be surprised if electrical (or some other issue) throws off your plans.
In fact, most experts suggest you plan for these unexpected hiccoughs by creating a 20 percent cushion to your reno budget.
- You’ll reinforce your home against the elements
Some renovations are purely cosmetic — like when you apply paint color of the year Metropolitan on your living room walls.
Others are structural. These involve significant changes to the building itself — like updating the roof, repairing the foundation, or winterizing pipes.
Taking on these more complicated structural renos has two benefits:
- It repairs weatherworn materials, like shingles, pipes, and cement
- It strengthens parts of your home exposed to the elements
If you postpone these repairs, there’s a greater chance extreme weather will damage your home in the future.
A big renovation is a huge undertaking, and it’s natural to feel a little worried about it. But don’t let your nerves stop you from completing necessary upgrades. Between the money you’ll earn in the resale and the repairs you’ll avoid in the future, even an expensive renovation pays off in a big way.
