Fixer Upper, Property Brothers, Love It or List It, Flip or Flop. The list of home renovation television shows on the HGTV channel is multiplying, as the number of homeowners who want to transform their drab houses into envy-inducing homes follows close behind.
In 2018 alone, American homeowners spent $336.9 billion renovating their properties, according to a Harvard University housing study. If you are considering contributing to that statistic in 2019, you should make sure you are making an informed decision.
Am I financially stable?
The average renovation costs for a 1,000 square foot home costs upwards of $18,347 while for a home ranging from 3,000 to 4,000 square feet, it costs over $36,121, reports Home Advisor. To avoid debt or lowering your credit score, a stable income is important for paying for renovation costs and making the improvements you want. Having some additional money available outside your budget is a good idea in case additional costs arise during renovations.
Do I love my home?
Renovations will help your day-to-day wellbeing if you are emotionally attached to your home but thoroughly unhappy with how it looks. A better mood lowers your blood pressure, decreases your heart rate, reduces your susceptibility to illness, alleviates stress, and increases your productivity.
How is my home fitting my needs?
If your home doesn’t suit you or your growing family anymore, renovations can improve your daily life. More space and storage can accommodate more children, new appliances and a laundry room can save you time that can be utilized elsewhere, and energy conserving adjustments can cut your expensive bills and your carbon footprint in half.
Is my home safe?
Problematic electrical, plumbing, or heating systems, structural cracks or breaks, and water or fire damage are all dangers that could cause serious harm to you or your family. It is crucial that certain risks that arise at the spur of a moment are handled and renovated as quickly as possible to ensure the safety of those living in the home.
Will I be able to sell my home?
Renovations of all sizes can make your aging home more appealing to potential buyers when it goes on the market. Repainting walls in neutral tones, expanding a room, adding more storage space, remodeling the kitchen, repairing the roof or gutting an old bathroom can add value to your home, in turn, positioning you to make a larger profit when you sell it.
What are my other options besides renovating?
Hiring a real estate agent, touring multiple homes, negotiating prices, and going through the strenuous, time-consuming buying process may not be as attractive to you as it once was. You may want to consider new construction homes that are custom made for you. Meet with Harbor Classic Homes today to discuss how we can help you build your dream home within your budget. With our forty years of experience making new homes for all types of families, we will assist you through every step of the construction process.