All homes should be treated as an investment, and there’s no reason you can’t keep ‘growing’ that investment. One way to do this is with continual upgrades and renovations. With this in mind, here are five reasons to why you should in invest in your home:
1. To update the structure and design
We all want to live in a home that is aesthetically pleasing and expresses our personal styles. These are perfectly good reasons to renovate. For instance, you can swap out your plain or dated walls with Manufactured Stone Veneer (MSV) to give your exteriors and interiors a whole new look. As a design feature, MSV is always on trend and will definitely make your property more appealing.
2. To add comfort and functionality
Having a comfortable living space is important, too. You can do this by adding windows that let in more natural light or installing insulation to better regulate internal temperatures. Even purchasing new furniture counts and contributes to making your home more pleasant and livable.
3. To maximize space
Building an addition to your home is one way to create more space, but that’s not the only way to do it. You can also choose to knock down walls, which is in keeping with current home architecture trends. In fact, open floor plans are more attractive to buyers while larger homes are a tougher sell in today’s market. So, before you draw up plans for an extension, or buy the lot next to your house, consider changing your existing layout first.
4. To prevent damage
As every house goes through wear and tear, performing general house maintenance is a must. Older properties are especially vulnerable to damage, but you can help your home ‘age beautifully’ by tending to repairs and regularly upgrading the systems like cooling and heating. As a bonus, many systems upgrades provide added benefits like energy efficiency and long-term cost savings.
5. To boost property value
All of the reasons above are good enough on their own, but together they contribute to a higher property value. If at any point in the future you have to sell your house, you can see better returns on your investment.
That said, home upgrades are not exactly cheap, but you can fund it through any of the following ways:
Cash and liquid assets
Home improvement projects like quick repairs or cosmetic additions don’t have to break the bank. For minor upgrades, you can opt to pay with cash and liquid assets. There’s no interest, and you have immediate access to the funds.
High-yield savings account
Renovations don’t need to be rushed. Taking your time means you can plan them more carefully and build a sizeable savings fund in the process. Opt for a high-yield savings account as they have healthier returns than traditional savings accounts. Consider using a high-yield savings calculator to help, as they compute how much interest your account can earn. This can give you a clearer picture of how much more you need to save and at what rate, so you can start creating a timeline for more long-term home improvement projects.
Home Equity Loan
Applying for a home equity loan is common practice among homeowners who are planning to renovate their properties. Think of it as a second mortgage that lets you borrow against the value of your property. It’s better than a home equity line of credit (HELOC), because what you get with the loan is a lump sum at fixed monthly payments. This can go towards funding a remodel. A HELOC, on the other hand, is essentially a credit card that uses your home equity as collateral. You can borrow multiple times as long as you stick to the limit, but the repayments with interest can quickly pile up.
It’s always best to consider your options before remodelling. With the right choices, your home improvement project will increase your property’s form and function as well as its market value.
Content intended only for the use of allthingsstone.com Prepared by Ashley Jackson