Should You Renovate Your Home? Pros & Cons
Home remodeling is a dream of many. A 2019 study conducted by the Harris Poll revealed that at least 9 out of 10 American households plan to remodel in the future. As the pandemic forced people to stay at home, they have more time to do their much-awaited home renovation.
In 2020, consumer spending on home improvement has soared to 63%. This is despite the 15% increase in home remodeling costs. The cost to renovate a home ranges between $15,000 and $80,000.
But while it’s tempting to get your home renovated, it is not always the best option. Home remodeling is not all sunshine and rainbows. It comes with a set of benefits and drawbacks, depending on your circumstances. So, when deciding if a home renovation is right for you, you need to know its pros and cons.
Pros of a Home Renovation
If you have access to a dependable and trustworthy contractor, then you can get the best advice on whether remodeling is a good choice. Home renovation allows you to refresh and re-design your space to meet your current needs and preferences. Here are some of its benefits.
Increase your property value
If you’re planning to sell your home soon, then remodeling can be a great investment. A well-planned and properly implemented home renovation can significantly increase the value of your property. You can easily recoup the construction costs with the right remodeling ideas.
Cheaper than buying a new home
If your family has outgrown your home and needs more rooms or space, a renovation project is more budget-friendly than moving to a new place. Not only is it more budget-friendly, but remodeling is also more convenient than looking for a new and bigger house.
Keep up with trends
Home ideas and trends are constantly changing. With a renovation, you can keep up with new styles and add personal touch and features to your existing home. This will certainly make your place homier.
Expand your space
As mentioned above, home remodeling allows you to create more space. An interior designer, architect, or home renovation contractor from AFS General, Florida can help you explore different options. A house expansion is ideal for growing families.
Improve your home
If your house is already old, chances are some parts would have shown the effects of wear and tear. Home remodeling not only updates its aesthetics but also the structure to make it livable for many years to come.
Stay in your same neighborhood
Often, home renovation is more financially feasible than relocating to a new neighborhood. Some areas, especially the trendy, high-end ones, are costlier. If you already live in a desirable place, then a renovation might be the best option than trying to buy or build a new home.
Cons of a Home Renovation
Remodeling comes with some downsides that you should consider when making a decision. Firstly, you’ll need a trusted contractor for your home renovation project. Finding a reliable contractor can be a challenge, especially if you’re tight on budget. While you can try DIY home renovation, it requires the right skills and tools for a perfect home transformation. The renovation also entails disruptions in your home life, which can be an issue for some households. Here are some of the disadvantages of renovating your house.
It’s easy to over-capitalise on your house renovation. The cost of remodeling may outweigh the potential value it can add to your property. Putting in wrong renovation ideas can turn off buyers come sale day. As a result, you won’t be able to recoup the expenses and even incur losses. With the help of professional contractors, you can keep renovations within budget and avoid overspending.
A complete home renovation is often more expensive than purchasing a new one – and it is not a wise choice. If every corner of your home needs fixing or renovation, you may end up investing more money on repairs. It is important to get quotes from different contractors and compare them with the cost of a new home. This will help you come up with a better decision.
Disruptions in your home life
Home remodeling can take several weeks or even months. Expect your home life to be distracted by the construction work. In major renovations, you may need to move out and rent a place where you can stay temporarily. Home renovation entails stressful inconveniences that you should prepare for.
Depending on the extent and scope of the project, renovations can last for up to several months. Home remodeling requires adjustments in your daily schedule. If you live a busy life, have kids, or travel a lot for work, a home makeover might cause you a major hassle and might not be your best choice.
Final Thoughts – Should You Renovate Your Home?
Giving a fresh outlook to your house can be an exciting and rewarding endeavor. However, it is a major investment that requires careful planning. By weighing the advantages and disadvantages of home renovations, you can make the best decision based on your circumstances.
Should You Renovate Your Home? Pros & Cons