3 Signs That It’s Time to Renovate Your Home
Buying a new home is an exciting time. However, it’s important to remember that homes often come with old and outdated features. Although it may seem daunting to undertake such a project, it’s important to remember that small changes can make a big difference. Here are the three tell-tale signs you should renovate your home.
No intentions of leaving
Depending on whether or not you plan to move elsewhere in the coming years, a $20,000 renovation to your kitchen would create a more pleasing and comfortable area. It may seem like a lot of money, but you get to enjoy a higher-quality lifestyle without the sacrifice of completely abandoning the property and moving to another home, costing you even more money. Look around and find what bugs you the most and make changes that’ll increase the overall value of your home.
Your home equity is substantial
The latest data has shown that home values have increased nationally, which means most homeowners are left with a good amount of home equity. This news is sure to be welcomed by many homeowners who have seen their property values increase steadily over the past few years. For those who are looking to cash in on their equity, now may be the perfect time to do so, as there are a number of ways to borrow against home equity, such as taking out a home equity loan or a home equity line of credit. A home equity loan is a preset amount that you pay back in installments, while a home equity line of credit allows you to draw money when needed. The home equity line of credit is the preferred method, as it gives you the ability to be a little more flexible with the costs of renovations.
You’re thinking clearly
While it is true that some home improvements will add to the resale value of a house, there is no guarantee that the entire cost of the renovation will be recouped. In some cases, homeowners may even end up spending more on the renovation than they would have made if they had sold the property as is. Stray away from only thinking about profits and look to renovate for yourself first. Even so, with careful planning and realistic expectations, it is possible to make smart choices that are sure to pay off tremendously.
At Georgian, we take a customized approach, working closely with you to bring your vision to life. For a free design consultation, sign up for our waiting list.