Making changes to your existing home can be exciting, and you may wonder whether your investment will return to you. Should you upgrade? If so, where? How? Will new light fixtures suffice, or do you need to build an entire addition just to reap the rewards?
To narrow down the choices, take a step back and consider the long-term benefits of home improvement projects. This will both calm and inspire you, without requiring much upfront decision-making energy.
Here are the greatest benefits you’ll see in the long run if you decide to take on a home improvement project.
The most well-known perk of renovating your space is the influence your efforts have on what’s called “resale value.” In short, resale value is the value of your home after the improvements are made versus before you begin. The buzz around resale value comes from its mystique – you never know what a potential buyer might value (that is, pay for), but there’s no shortage of speculation.
For example, the National Association of Realtors reported that in 2015, you’ll be paid back more than what you spend on specific minor exterior improvements like a new steel entry door, replaced siding, or a shiny new garage door… once your house sells, of course.
Another gratifying benefit is watching your utility bills diminish with many of the improvements available.
According to Holly Grate, a successful real estate agent in the vigorous suburbs of our nation’s capital, the economy is improving, and homeowners everywhere are starting to improve their homes to lower their energy bills. “Places you can’t see are a great place to start,” says Grate. “What is the age and function of your current HVAC, roof, insulation, wiring, or plumbing? Beginning your improvements here will almost always save you money in monthly utilities.” Saving money each month means you’ll be able to upgrade again later, this time opening your choices to more aesthetic (also known as “fun”) remodeling projects later.
The choice to improve your home’s energy efficiency is only one you should consider if you’re in a stable place financially. If you’re living paycheck to paycheck, enroll in an online financial course to get yourself into a position where investing is an option.
Quality of Life – Now
We usually think of investments as monetary, but you’ll also be sacrificing a way of life while the home improvement project is being done. Even minor improvements like a fresh coat of paint means you’ll be inconvenienced at least a little while the work is being done. And generally, the bigger the project, the more disturbance to your daily routine. However, the payoff may be more than worth it.
Believe it or not, the most important long-term benefit may not be financial. “I would say above all – you benefit in the personal enjoyment of the place you call ‘home,’ ” says Grate. “Unless you plan on flipping the house, you will be sleeping, eating, entertaining, making memories, and living life in your home.” This enjoyment of your space is impossible to quantify. You may even call it “priceless.”
Fortunately, when you’ve made the decision to upgrade your home, you’ll have tons of choices. Unfortunately, on the other hand, all those choices may be overwhelming, and even paralyzing. It’s a wise investor who keeps his or her eyes on the long-term benefits of home improvement projects while facing each decision.
When you’re knee-deep in drywall or tile, focus on the day your only choice is which drink to enjoy while you relax in your new space.
Image Source: Flickr
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY