Renovate to Save – A Little Investing Goes a Long Way

investingI’m sure we’ve all encountered homes that we first gasp at, but then say, “Well, I guess it has potential.” Many a time this loss of a great first impression can cause a potential buyer to keep looking. In their mind, a decent house that needs a facelift, whether major or minor, is another hurdle that they don’t want to have to jump over. For a buyer, the added time a renovation would take, plus the added monetary expenses, are just another headache of the purchase. Who doesn’t want to take the easy route and purchase a move-in ready house?

That said, if you are the homeowner, and possible future seller, renovating can be a terrific investment.

Benefits of Renovating:

Upgrades Lead to an Increase in the Value of Your Home.
If you are considering renovating for the purpose of selling, upgrades to the kitchen and bathroom pay off immensely as they are the most lucrative, and are generally more favoured by potential buyers. However, there are also simple, cost-efficient ways to improve the visual element of your home without breaking that bank account, and that can be through something as simple as an interior or exterior paint job. A fresh, clean paint job creates much visual pleasure and can take a home from “meh” to “whoa!”

Upgrades Increase the Marketability of Your Home.
Renovations lead to a quick sell, thus saving you stress, time, and the price of affiliated real estate costs. Buyers see pride you take in your home, the effort made in the home, and it creates a sense of home for them too. Plus, the peace of mind that comes with quality items is a major bonus point. Renovations to outdoor spaces are also steadily gaining in popularity. Adding items like decks, patios, and outdoor appliances to the backyard create more space for the family, offer a fun environment to relax or socialize in, and also increase value and marketability.

Upgrades Ensure Efficiency
We often think of renovations as simply increasing the aesthetic feel of a home, but renovating elements that can’t be seen such as heating, air conditioning, plumbing, and electrical can also increase the value of your home and potentially save you money by ensuring these things are functioning to the best of their capabilities, BEFORE anything malfunctions, resulting in a loss of money. Upgrades to items such as windows and even doors can aid in home security and energy efficiency, saving you extra cash and peace of mind in the long run.

Potential Tax Credit
Need I say more?

Personal Enjoyment
Nothing beats coming home at the end of a hectic workday to your own personal oasis. Your home is the place to unwind and find comfort in, and you can maximize this by having everything in the home to your own personal taste. All of the above factors contribute to feeling that true sense of “home”, while providing you with a financial nest egg.

Seek Professional Help!
Before you jump the gun and run out to buy a bulldozer, always remember to do your research. If you are ever unsure, consult with a professional, and always ensure the improvements made are of sound quality. No one wants new kitchen cabinets that unhinge two days after installation! Proper handy work is essential in ensuring that the improvements made are lasting ones.

Author Bio: This article was written by Michael Hill on behalf of Heather MacDonald.

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