Renovating is one of the best ways to bring new life to your home and make it feel like new again! It is a popular way to “get a change” without the need for moving or to prepare for putting your home on the market. Last year alone, Americans spent $130 billion on remodel projects according to the U.S Census.
With the rise in home values and the improved real estate market, this is a great time to begin your renovation. Here are 5 reasons why you should start now.
1. Money is STILL cheap
The Federal Reserve has continued to keep interest rates at all time lows making a home equity loan or line of credit very affordable. The consensus still seems to be the Federal Reserve will begin increasing rates at the end of this year, so there is no better time then right now to take advantage! Here are some great options provided by The Simple Dollar.
2. You are selling your home now or very soon
Renovating is a proven strategy to help your home sell quicker and for a higher value. It creates a NEW and fresh look when home buyers are looking. It also helps you to stand “above the crowd” against other homes for sale in the area. Spending thousands of dollars is not always necessary, because really who wants to spend all there time and money on a house they won’t be living in? Look for affordable and key areas to focus on. Here are five renovation tips that provide the best return on investment.
3. Neighbors have already started
“Just because they’re doing it doesn’t mean I have to.” This is not the case here.
You don’t want to be a copycat, but you also don’t want to get left behind. Renovations can increase your home value. While all your neighbors are enjoying the rise in their home value as they renovate, your sitting in an outdated home that no longer can compare. This can become a huge problem when it comes time to sell. You can no longer compete with the surrounding homes on the market and you either have to sell far below what you expect or “play catch up.”
4. Procrastination can cost you
Your going to have to make improvements sooner or later. Why not take action as soon as the need is there? Appearance and home repairs are part of home ownership and if ignored can become worse and more costly over time. It’s better to take action the moment something arises and you can afford to take the action.
5. You are no longer happy at home
If your unhappy, it might be time for a change and spice things up. Your home shouldn’t feel like a prison or make you feel depressed or stressed. Try simple things first, such as painting your kitchen cabinets or putting up a new backsplash, before stressing about ripping out your whole kitchen and never doing anything. This might be all you need to give you a sense of a new look and make you excited to go in your “new” kitchen.
Hopefully these will give you a reason to get started! If you are planning on selling your home, we can help you through the whole process and provide advice on where to get started in your own personal renovation.