Many people avoid renovating their home due to the cost. What they don’t realize is that a home renovation can greatly improve the overall value of the home. By making some simple improvements you can increase the property’s price tag, take your home from drab to fab, increase accessibility, avoid costly future repairs, decrease your utility costs, and provide your family with a solid income. Sound intriguing? Read on as we outline five of the best reasons to renovate your home.
Increase Home Value
Improving the external or internal appearance of your home can raise the resale value of it. You don’t have to do a major renovation to increase the price tag – fresh paint, clean landscaping, or a new garage door can provide a boost in value. Also, if you’re looking to make a substantial return on investment, larger renovations like a new roof, solar panels, energy efficient windows, or a new kitchen or finished basement will push up the value greatly.
Decrease Utility Costs
Adding energy efficient features to your home can help reduce your monthly utility bills and save you money in the long term. It’s as easy as replacing your single-pane windows with more energy efficient models or insulating your roof.
Prepare for Retirement
If you plan to keep your current home after you retire, you may want to add more features that improve accessibility. A common example of this would include installing another bathroom on the main floor. In some provinces, seniors are eligible for a home renovation tax credit to improve accessibility, which can make renovating a better option over buying new.
Get Ahead of Costly Repairs
Putting off necessary repairs often results in more costly repairs in the future. If you avoid replacing a deteriorating roof, it can eventually lead to a costly expense when you have to face potential structural damage. Staying ahead of costly repairs is always a wise way to go.
Add Rental Potential
You could also renovate your home to create a rental suite and make some extra monthly income. Whether it’s your basement or garage space, there could be great potential for getting an additional source of income from renting a portion of your home.
Move in a Family Member
As your parents age, it may make more sense to have them move in with you instead of into a care facility. Also, many graduating college students are moving home to save money to pay back their tuition expenses. Adding another room to your home or finishing your basement can help you create a separate space for a family member in need.
As you can see, renovating your home has many advantages. If you’re looking for more advice, reach out to us at Financial Forum. We can help you decide what renovations make the most sense for your home.
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