When buying a home, most people are looking for a place that will serve their needs for many years to come. Homes, like people, age over time and deteriorate. Sometimes a renovation is needed to give them new life. Other times, the requirements of a family have changed, and the home is no longer suitable.
Let’s take a look at six factors that will help you decide whether it makes sense to remodel your current home.
The 5 Steps...
1) You're Outgrowing Your Space
If you have a growing family, chances are you are looking for more square footage. That's perfectly natural. However, you have to balance that against the cost of buying a larger home and the cost of renovating the home.
If your current home is too small, buying a larger home and remodeling can be a good option. Just be realistic about how much the purchase will cost. If you can't afford to buy a home that's twice the size of the current one, a renovation may still be the ideal solution.
2) You're No Longer Happy With the Home’s Design
Do you love the decor of your home? Does the current layout fit your lifestyle? If the answer to either of these questions is no, there are a couple of options. You can make it feel new again by adding new paint, new flooring, and other design elements.
Whether it's the layout of the home or the color of the walls, sometimes renovations can make a home more livable. If the style of your home is no longer in fashion, be sure you're comfortable with the look.
3) You Have the Budget to Remodel
If you have a lot of money in the bank or you don't have a mortgage, a renovation may not be a big deal. If you are used to living within a certain amount of money, and you have a mortgage, you may still want to remodel your home.
If you add a room or two to a home, you may need to add a deck or an additional bathroom. If you live in a two-story home, you may want to convert the basement into living space. All of these renovations will cost more than simple paint and curtains.
4) Your Amenities Are Becoming Outdated
Modern amenities make all the difference in the world. Homeowners who want to stay current with the latest trends want to make sure their homes are equipped with the necessary amenities. In the bathroom, this may mean a walk-in shower, a glass-enclosed shower, or a tub and shower combination. In the kitchen, modern fixtures, like a garbage disposal or a self-cleaning oven, can be useful. New appliances also make a house more appealing. If you can't afford to buy a home with all the modern amenities, a remodel may be the answer.
5) You Want to See a Return on Your Investment
If you're remodeling your home to increase its value, there are a few things to consider. A remodel can provide a faster return if you can increase the number of bedrooms or bathrooms.
In most cases, adding square footage is the most effective way to get a return on investment.
Conclusion
If you're contemplating remodeling your home, it may be a good idea to talk with a real estate professional to get an idea of how much you'll spend. If you want to stay in your current home, a renovation is often the best way to improve your space.
If you want to try remodeling your space, Ellen Lind can help you out. With our design prowess and expertise, our architects in Arvada can easily make your vision come true. Get in touch with us today to learn more.
