Is Remodelling a Home a Good Investment?
Purchasing a home is likely one of the largest investments you will ever make in your life. But the financial commitments often don’t stop there. Whether it’s right away, or even in five to ten years, many homeowners begin to examine their home and determine whether it’s serving them in the way that they need.
This can cause homeowners to consider remodelling projects. Fortunately, with several renovation companies available, such as Solid Solutions Renovations, there are many professionals you can turn to for assistance and guidance. But remodelling your home will naturally cost money and can be expensive. So is remodelling your home a good investment? Let’s take a look at some projects that can pay off.
Roofing
While perhaps not the most exciting home renovation project, maintaining your roofing and ensuring it’s in good condition is crucial. In general, prospective homebuyers don’t want to have to worry about the basics of a home, from the roof to the electrical to the furnace. Issues with fundamental elements of a home can actually deter buyers, and having a leaky roof is definitely one of those concerns.
Your roofing works to protect your home from the elements and pesky little critters, so failing to repair it when you see the shingles cracking and curling can actually put the interior of your home at risk. This can result in additional problems, such as a cracked foundation or rodents in the attic, which can decrease the value of your home. By tackling this project, and other structural ones, you can feel confident that any further work you do inside won’t be compromised.
Bathroom Remodels
Bathrooms are often one of the last rooms to be upgraded in a home, and it shows. From whirlpool tubs that take up a quarter of the room and outdated vanities, older bathrooms rarely serve us in the way we need. And given that bathrooms are one of the most utilized rooms in the home, this is a shame. So when it comes time to remodel your bathroom, be smart about what you or potential homebuyers need.
For example, walk-in showers are a far more attractive option at the moment than the bulky tub. Instead of losing all that square footage to a feature you rarely use, maximize your space and include items that will benefit you. This is especially true if you intend on living in your home following the remodel. While you can’t put a number on the financial value it brings you, you can feel good about the use you get out of it.
Meanwhile, if you only have one bathroom in your house but hope to sell in the future, perhaps the addition of a second bathroom is worth considering. This remodel will be more expensive, however you’re likely to see a good return on your investment, as prospective buyers will appreciate the second bathroom.
Basement Developments
Tackling a basement remodel can be extremely beneficial in terms of investment. Unfinished basements are often underutilized spaces, typically acting as storage or perhaps a thrown-together home gym. Rather than ignoring the space you have, take advantage of it! By essentially adding extra square footage, you have the opportunity to include another bedroom, bathroom, or even living space. As a homeowner, this allows you to feel like your home has doubled in size, giving you more space to breathe. Meanwhile, potential buyers will find the finished basement an attractive feature, as they won’t have to worry about developing it themselves.
Ultimately, remodelling is about creating a home you feel proud of. If you intend on staying within your home for the foreseeable future, then a remodel that allows you to take full advantage of what your home can offer is more than a good investment.
