Doing a large home renovation project is beneficial in so many ways. Whether you are renovating a section of your home or doing a complete makeover, your house will look fresh, different, and new. Here are some of the benefits of doing a large home renovation project.
Increases Your Home Value
This is the most obvious benefit of doing a large scale renovation project. Your home value will increase significantly. Making positive changes to your home’s size, layout, or building materials will make a huge difference to its market value. Therefore, the decision to renovate your home will pay off handsomely. With an increased home value, you will get a higher reverse mortgage if you ever choose one down the line. Direct lenders like All Reverse Mortgage will pay you a good amount of money with the reverse mortgage option.
The higher your home value, the higher the reverse mortgage rates. Executing a successful renovation project will skyrocket your home’s asking price. The purpose of a large renovation project is to make your home look as attractive and appealing as possible. Potential buyers will assess the condition of your home and lookout for new things they’ll not have to replace. Some of the common things they look at include kitchen appliances and HVAC systems. Adding more living space in the attics and basements will also improve your home value.
Lowers the Energy Costs
For most homeowners, energy costs have significantly gone up, and that’s more likely to remain the same for a long time. By doing a large home renovation project, you will be able to save more money on energy bills. If your house has worn and old windows and doors, you could be losing a lot of heat through them. This means you will have to use higher energy levels to heat your home up to the standard temperatures. However, during the renovation, the windows and doors of your house will be replaced with more energy-efficient ones. This will help you save more money on energy. The simple act of upgrading your home appliances to energy-efficient ones will significantly differentiate the amount of energy used in your house.
Makes Your Home Comfortable and Functional
Large home renovation projects will allow you to customize your house to your unique set of needs and tastes. It presents you with an excellent opportunity to create your dream home. Alternatively, you can at least make your living space more useful and enjoyable. When renovating, you can finish your basement, come up with your own home theatre, tear down several walls to create space, or introduce a unique set of furniture you have always wanted. Furthermore, you can also upgrade your bathroom to give it a spa environment. Creating a custom office within your home can also be part of the renovations. Doing a large home renovation project will surely improve the comfort and functionality of your house.
Less Future Maintenance
During a large home renovation project, you will upgrade most of the features in your home, meaning they will need less maintenance in future. Going for a long time without updating or replacing these features will see you spend a lot of money trying to maintain them. Therefore, replacing or upgrading them during a renovation will go a long in reducing your expenses in future.
More Living Space
When renovating, you can add more space to your home. This will add square footage to your house and accentuate its beauty. Besides, creating more living space will give your family more privacy, with some moving into their own spaces. Your current home layout could be too congested to provide the privacy and personal space needed.
Personalization
When doing a large home renovation project, you have an opportunity to personalize your house in a manner that suits your preferences. As time progresses, new styles and trends emerge, and your old home design can feel out of date after some time. A renovation project gives you the opportunity to update your house to the latest trends and designs. It also improves its beauty and general appearance.
Renovation Projects With the Best ROI
There are different types of house renovation projects; they all have different impacts on your home value. Here are renovation projects with the best ROI:
- Window and door upgrades: By changing your doors and windows, you give your home a new look while being efficient. Homes with older doors and windows consume a lot of energy, thus making replacing them worth it.
- Exterior insulation and siding: Depending on the age of your home, it is essential to ensure that its insulation and siding are in excellent shape. There is no point in doing a large home renovation project and then have water infiltration due to poor quality insulation and siding. Furthermore, by changing your home’s insulation and siding, you give them a well-maintained, modern look that will increase their value significantly. Its asking price will also increase.
- HVAC improvements: Updating or replacing your HVAC system with a new one will ensure the proper functioning of your home’s air conditioning. Besides, it will prevent any humidity issues in the future and save on your energy bills. With a poorly functioning HVAC system, you could spend a lot of money on maintenance and energy bills. During a large home renovation project, you can also choose to change its interior layout, meaning you will have to relocate the HVAC elements.
- Roofing: This is one of the essential aspects of your home. Apart from being responsible for up to 30% of energy loss, if the roof is poorly maintained, it can easily allow water into your house. This will lead to the formation of mould.
- Basement finishing: If you have an unfinished basement, you should complete it during a large home renovation project. By finishing your basement, you give your household additional living space. Depending on the layout and design, you can add a laundry room, bathroom, and more. This will significantly improve your home value.
- Room addition: One of the most common types of room addition is introducing one above the garage. Adding more rooms is crucial for your living space, making your house more valuable. Buyers will be willing to pay more for houses with more rooms.
Conclusion
A home renovation project can do a lot to your home value. Changing or upgrading major features in your house makes it more comfortable and attractive. Furthermore, when you decide to sell it, you will get more money out of it. Large home renovation projects are worth spending your money on!
