by Marketing on Friday, November 10th, 2023 at 11:00am.
If you're like most Americans, your home is your single most significant investment. Consequently, properly caring for your home is a high priority for you. Routine maintenance, minor improvements, and major repairs must occur as needed. Unless you're a homeowner whose home is brand new, you will encounter clear signs when it's time to renovate your home on a larger scale.
Renovating when it's not necessary can be a financial black hole, but allowing your home to fall into an outdated, dowdy state is also a missed economic opportunity. Improving your home to such an extent that it far outshines the surrounding properties can make it impossible to recoup your investment. In contrast, doing nothing while your home slowly drifts into the bottom ten percent of homes in your neighborhood can cause you to lose out on potentially tens of thousands of dollars.
Making wise renovations can be a tightrope walk. To maximize your financial leverage, you will want to renovate when necessary, with good taste and in pursuit of high-quality work.
Of course, you should always attend to required maintenance tasks or repairs before any elective renovations. Let's look at some signs that it's time to renovate your home.
You Can Afford to Renovate
Home renovations are expensive, even if you are willing and able to perform some or all of the labor yourself. The best course of action is to take the time to save up for the higher end of your estimated renovation costs. You may exceed even this figure, so have a plan for handling excess costs.
Suppose you can complete your intended renovations without reaching your budget cap. In that case, you can put your remaining funds toward your mortgage or use it as the foundation for additional savings to invest in your home.
Your Building Envelope is Compromised
Your home's envelope is the system of barriers that protect you from moisture, inclement weather, and pests. When you begin to notice intrusion by pests like ants, termites, rats, mice, or roaches; moisture accumulation; issues with temperature control; or mold building up around fixtures, behind counters, and around pipes, it's time to renovate some or all of your building envelope.
Your foundation, insulation, weather stripping, windows, pest-proofing, and your attic's state of repair must all be inspected, then upgraded and replaced as needed.
Your Home is Reaching its Material Life Expectancy
The building materials used to craft your home had an expected rate of deterioration. Your property location, type, and quality of materials (think vinyl vs. wooden siding) factor into this precise timeline. Keep an eye out for signs of degradation, including:
Creaking floors and flexing stairs
Chipping paint and texture coating
Some structural damage can't be detected without an in-depth home inspection. We always recommend a professional home inspection before renovations of any kind, and once annually, irrespective of other factors. The cost of an inspector pales in comparison to the financial hit you will take if a small issue becomes a full-blown emergency because it has progressed unseen over time.
Your Home is Outdated
If your home is a perfectly preserved 1930s beauty, you can skip this section. If, on the other hand, your home is rocking worn shag carpeting and faux-wood paneling, we're talking to you! Your home may be a bit out of fashion, which is fine if you love it. Still, if the impression your interior leaves behind is oppressively aged and impossible to decorate in a way that makes you happy, you have every reason to renovate.
Upgrading your home could be as simple as swapping unappealing carpet for hardwood or luxury vinyl plank or as complicated as replacing every visible aspect. Either way, you can tackle these projects at your own pace if your home is otherwise in good repair.
You Need More Storage
When you have no idea where to put new clothes, canned goods, or a stack of clean towels, it's time to add storage space by upgrading your closet systems, cabinetry, and garage organization system. Additionally, invest in furniture that contains additional storage space, add hanging storage where possible, install shelves, and consider sleek armoires in each bedroom.
Your Configuration Preferences and Needs are Changing
When your family changes, your home may need to change too. A new baby, elderly parents, teens leaving the nest, and working from home are all reasons you may wish to renovate your home. Combine two bedrooms into a master suite, add a granny unit, or convert the basement into a home office with partial windows. If you're willing to get creative, you can rethink your space to fit your new lifestyle.
There are dozens of great reasons to renovate your home, so don't hesitate to consult with an experienced contractor, one of our savvy agents, and your trusted financial advisor to plan your attack.
Your home's main purpose is to support your pursuit of personal and familial happiness, with financial implications close behind, so do feel empowered to change your home as you please!
Are you still looking for your dream home in Middle Tennessee? We look forward to hearing from you! Our highly experienced team of locally based agents is your one-stop resource for all aspects of home ownership in our beautiful region.
We hope you continue to enjoy your home, your family, and your community.