The start of a new year brings in a desire for change, not only in ourselves but also our environment. This is especially true during this time as the pandemic has restricted travel and has forced people to spend most of their days at home.
Whether you have been wanting to tackle a new project to occupy your time, are in search of something to lift your mood, or are interested in both, then this may be a good time for you to consider home renovation. While the cost of home renovation may be worrying to some, the benefits you can get out of it can offset the financial considerations.
In a survey of more than 1,000 home owners, it was observed that 30% experienced better overall well-being after making changes in their homes. Almost 50% of them credit this improvement in their mental health to the feeling of being sheltered and protected while at home.
If you are near retiring age, you can opt to avail of a reverse mortgage. Also known as Home Equity Conversion Mortgage, this type of loan allows you to borrow money against the value of your property, so you can have better liquidity in your retiring years. In this case, the reverse mortgage can fund the cost of the renovation and you don’t have to take it out of your retirement fund.
The actual loan amount varies depending on several factors such as the age of the borrower, as well as the location and condition of the property. To give you a better idea of your possible loan amount, you may take a quick check here: https://reverse.mortgage/calculator
Aside from this, home renovation also has financial benefits since it can maintain or even increase the value of your property. Certain improvements in plumbing, ventilation, roofing, and others will not only ensure a more comfortable stay for its occupants, but will also help raise the house valuation. Here are some home improvement tips that will help you get the most out of your renovation expenses :
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1. Primp Up The Facade
First impressions do matter a lot when it comes to house pricing, which is why your property’s exterior looks plays a huge role in pulling up its value. Simple improvements on your gate, fence, pathway, garden, lawn, and even the garage doors could increase the house value by almost 300% of their renovation cost.
Set aside part of your budget for landscaping, have your garage door fixed or replaced, and clear up the walkway. You just might be surprised at how much attractive your house could be.
Add or replace the siding in your house both for aesthetic and practical purposes. While the siding does add some character to the walls, it also lowers your energy consumption since it helps keep the interiors warmer during winter and cooler during summer.
2. Upgrade The Rooms
When thinking about room improvement, what comes to mind would probably be the living room since that is what visitors would see most often. Next would be the bedroom as this is where we spend most of our time when at home. However, your kitchen and bathroom are equally as important when it comes to home renovation as they can add as much as $100,000 more to the value of the house.
Step up your cooking and dining experience with advanced appliances that will improve your efficiency and will last you for a long time. The surfaces are also crucial as these can make the cleaning and upkeep much easier.
Marble or quartz would work well as counter tops for your kitchen, while porcelain can be used for the shower and tub.
3. Create Storage Spaces
Extra storage spaces are always welcome. Aside from adding more appeal to the property, they can add as much as 30% on the house value. If you have a cellar or garage that is not being fully utilized, you can re-purpose a portion of the area for storage. A big enough space may be converted into a study or play area, both of which are very much in demand now since people are spending more time at home due to the pandemic.
You may also consider creating or renovating your loft to create more room at the upper portion of the house. However, this needs a more thorough planning and maybe some structural changes to the property.
4. Check For Hidden Defects
Of course, you shouldn’t just focus on cosmetic repairs. No matter how much you spend on for the outward appearance, if the house is rotting on the inside, the deterioration will eventually show. Termite manifestation, electrical problems, decaying rooftops, and other similar issues may not be visible to you at present, but they may have already started, and this will only worsen over time.
Some of these issues may be difficult for an amateur to detect, so it is best to work with professionals who can properly diagnose any issues and recommend the proper remedy. A well maintained house will bring in a much higher value, not to mention the savings that you can get by avoiding large scale repairs in the future.
