If you’re feeling dissatisfied with your current living space but don’t want to relocate, perhaps it’s time to consider a home renovation. Below are nine indicators that you might be ready for a remodel.
You adore your home and its surroundings, but it might be starting to show its age with outmoded fixtures, outdated cabinetry in the kitchen, or a layout reminiscent of the 1970s. Alternatively, your situation may have changed, and you now have new family members – a baby or an elderly parent – joining your household.
You’re aware that something needs to be done, but how can you determine if you’re truly ready to undertake a renovation (rather than selling and relocating)? And where should you begin when it comes to a home renovation?
Here’s a home renovation checklist to assist you in determining whether it’s time to start revamping your house and meeting with home renovation contractors.
1. YOUR HOME EXHIBITS CLEAR SIGNS OF DETERIORATION.
At times, renovating your home becomes necessary. It could be due to structural problems caused by wear and tear, such as a leaky roof, decaying floorboards on the porch, or the need for fireplace and foundation repointing. Alternatively, it could be due to the decade-long usage of carpets or tile detachment in the kitchen or bathroom. It’s crucial to address issues related to home deterioration as they may lead to costly problems in the future, such as roof, foundation, or porch failure. Furthermore, they may also affect your satisfaction with the house and its resale value.
2. YOU HAVE THE FUNDS TO DO IT.
If you’re planning a major renovation such as a kitchen remodel or an addition, it will require a significant financial investment. However, if you have enough equity in your home, you may be able to cover the costs of the renovation with a home equity loan. To explore financing options for your remodel, speak with your financial institution.
3. YOU PLAN ON STAYING IN THE HOME LONG ENOUGH TO SEE A RETURN ON INVESTMENT.
If your children are currently in high school and you anticipate downsizing your home after they graduate, or you have a job that necessitates frequent relocation, then remodeling your home may not be practical. If you are contemplating a major home renovation that requires a significant financial investment, make sure you will derive long-term benefits from the remodel and have a chance of recouping some of the costs when you eventually sell your home. For example, if you spend $100,000 to upgrade your kitchen and decide to sell your home two years later, you will likely not recoup much of that investment. However, some remodeling options have a high return on investment, so make sure to do your research.
4. YOU NEED MORE SPACE.
Perhaps your family (or lifestyle) has grown since you bought your current home, or maybe your kids have gotten old enough that they want more privacy and the house just feels too small for everyone in it.
If it feels like your family members are all crawling on top of one another, it’s probably time to enlist an architect to help you either plan for a change in layout (like opening up walls to create larger living spaces), or make a home addition (if you have space on your lot to do so).
5. YOUR HOME FEELS OUT OF DATE.
Do you find yourself feeling dissatisfied with the outdated features in your home? Are you tired of the 30-year-old brass fixtures in the bathroom or the dark-stained cabinets in the kitchen making it feel like a cave? If so, it may be time for a remodel. Upgrading to modern features such as brushed nickel fixtures and airy white cabinets in the kitchen or a contemporary stone veneer fireplace in the living room can bring your home up to date and increase its value. Not only will these changes make you feel happier in your environment, but they will also add value to your residence.
6. YOUR SPACE ISN’T FUNCTIONING PROPERLY.
Do you get frustrated every time you cook a meal because you don’t have sufficient counter space in your kitchen? Do you feel like you’re overwhelmed with clutter and don’t have sufficient storage room? If your home environment isn’t functioning well for everyday life, you might consider hiring an architect to help you figure out why and what you can do about it.
Maybe you need to open up your kitchen and put in a bar for more storage and workspace. Perhaps you need a walk-in closet or two or a built-in entertainment center around the fireplace in your living room.
If your space isn’t complementing your lifestyle, it may be time for a renovation.