Benefits of a Home Remodel
Hi there, in today’s blog I want to talk about the benefits of a home remodel. This is a very hot topic in our world today, as many of us have been shaken by the past few years of events and stuck in our home. In fact, I also purchased and remodeled my home in 2020. It definitely was not a boring stage of my life, though it was fun and memorable, and I’m so glad I did.
Besides that, a home remodel doesn’t have to be scary. Think of it as an act of adulting or a way of passage. Almost everyone will take on a home remodel at some point in their lifetimes.
With it being so relevant and common, I thought I would share my view on what the benefits of a home remodel are and why you would choose this over purchasing a new build or renting. Here are four benefits that I think you should consider.
Improved quality of life
Having your home remodeled to better suit your style, the colors you love, and improving the floor plan to better flow with your everyday routine are crucial to helping you live your “best life” in your home. The happiness that comes with dining with family in a space that’s warm and cozy, and the confidence to invite friends and host dinners in a home you’re proud of, just to name a few examples, are priceless.
Beyond that, you might not at first think about the benefits of a home remodel in the sense of mental improvement. However, creating a space that is peaceful, inviting, and functional for your everyday needs creates a subconscious peace of mind. This affects you mentally and physically.
Positive health impact
One often overlooked key benefit of a home remodel is its associated health benefits. For example, you might not know what types of mold or water damage you have (or could have in the near future) in your home depending on its age and the state of its plumbing. A home remodel is a perfect moment to evaluate the remaining lifespan and condition of all key systems that affect your health to correct any existing issues and prevent potential future ones.
Increase in home value
One great thing about home remodels is the increase in your home’s value. This means that the work you add to your home is considered in your home’s valuation. On average, 70% of your remodel investment typically transfers to an increase in your home’s valuation after your remodel. Think of it as a way of moving your money from one place to another.
Beyond that, if you’re purchasing a home that’s a fixer upper and you’re getting a mortgage that requires you to pay property mortgage insurance (PMI), transforming that home before you move in not only increases the value of your home and your equity, but it also may decrease the time you’re required to be paying PMI (depending on the type of mortgage loan).
Ease of transition
Although we all typically tackle a home remodel with the goal of enjoying the finished space for years to come, a remodel also broadens your options to transition in life. Once a remodel is done, you’ve got a home that’s fully functional, beautiful, and modern. In the event that life turns an unexpected turn and you need (or decide) to move, you may rent or sell the home for top dollar, which gives you the ability to tackle that transition in the best position possible.
I hope these ideas help you in your decision-making process, today or in the future, and I look forward to sharing more advice in my next blog.
Until next time!
Janiece
