There are several advantages to remodeling your home so contact home remodeling contractors. It adds resale value, increases curb appeal, and can increase your property value. It can also improve your quality of life. And because it can add equity, you can secure a better refinancing rate. These advantages outweigh any downsides of remodeling. So, what are the benefits of remodeling your home? Read on to discover more.
1. Improves quality of life
A homeowner’s quality of life measures the comfort and conditions of their surroundings. Updating a home can improve your quality of life by improving the aesthetics of your home, adding smart storage, and clearing clutter. Renovating your home can also improve your health and well-being. In addition, you may want to consider improving your home’s accessibility or incorporating accessible features to make your home more accessible.
Increasing the accessibility of a home’s public areas is another way to improve the quality of life for its occupants. For example, universal designs, grab bars, and wider doorways improve your home’s accessibility and quality of life. Other accessibility features include wheelchair lifts, grab bars, and wheelchair-accessible counters. In addition, incorporating universal designs will enhance your quality of life if you’re remodeling your home for a senior or have limited mobility.
2. Increases resale value
While several homeowners can add value to their home by remodeling it, not every renovation will yield a good ROI. Some may have the opposite effect on resale value. So before you start your remodeling project, check out a few resources to learn how to get a fair valuation for your home. In addition to a home value estimator website, consult a listing agent who can provide a comparative marketing analysis of your home’s features.
Most potential buyers will avoid homes with modern restaurant-style kitchens. Instead, the kitchen should be clean, with modern, slim furniture. Replacing or adding a bathroom also increases home value. Many buyers want an extra bathroom when they purchase a home, so adding a second one to your home’s layout will be an excellent move. This can bring the total home value up by several thousand dollars.
3. Increases property value
Many real estate pros worry that the booming housing market has slowed down the demand for remodeled homes. They are also concerned that new tax laws may limit home improvement expenses, such as mortgage interest. However, home remodeling can increase a home’s resale value significantly. According to Remodeling magazine, a finished basement can add $50,000 to the home’s value. But the question remains, is remodeling worth the effort?
Although home staging can only improve a home in poor condition or outdated appearance, a renovation can drastically enhance the house’s appeal. For example, a minor bathroom or kitchen remodel can boost the property’s value. A renovation recoups 98% of its initial investment.
A kitchen can add another 10% to the deal. But only if the improvements are carried out in a timely fashion. While these improvements can significantly increase the value of a home, homeowners should carefully plan the remodeling project to ensure that it will increase the property’s resale value.
4. Increases the value of your home
If you are looking for ways to increase the value of your home, remodeling it is the way to go. Many appraisers consider renovations when determining the home’s value, which increases your equity and lowers your loan-to-value ratio. It can also lead to the cancellation of private mortgage insurance. Also, remodeling can attract potential buyers who prefer to purchase well-maintained, move-in-ready homes.
Even simple improvements such as carpeting or painting walls can add value to your home. You can also turn a basement into a home theater, game room, or a walk-in closet into a home office. In some cases, remodeling can add square footage, but expanding the space is not always necessary. Adding square footage does not necessarily mean an immediate increase in property value, so consider your neighborhood before undertaking any major project.
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