Home Renovations reasons to consider
As of the end of the first quarter of this year, house renovations (Activity Index) is up 4.5 percent compared to last year according to Metrostudy. The way the economy is moving is fueling this upturn in renovations. The bull stock market, low mortgage rates, consistent home sales, and increasing wages. The home renovation market is currently sitting at pre-recession peak around $324 billion. The level of money getting pumped into renovations is driving a boom in the need for skilled construction workers, electricians and plumbers which is raising their wages as well.
You want your house to be comfy of course, right? Focus a little more on what you will enjoy for years to come such as comfy couches, end tables, coffee tables, spacious cabinets in the kitchen, etc. If you’re only planning to live in the home for a short period of time, then you could focus on what features might aid in the selling process when targeting buyers.
Fixing leaks, drafty windows and replacing an old water heater are some of the things you may want to fix. They can not only save you money, but can prevent issues in the long run. Also, making sure to have all electrical issues to make sure that nothing shorts and starts a fire.
^ Goes the Value
Looking to sell? Or maybe in the next few years? Renovation is a great idea! Updating kitchen appliances, counters, cabinets, etc. are a great start to improve the value. Updating bathrooms as well is a big selling point to buyers.
Who doesn’t like efficiency? Replacing those drafty windows will save you on your heating/cooling bills at the end of the month. Consider changing your water heater too if it’s old or even if you can find one that’s just more efficient and uses less energy. Even bolstering up your insulation can make a difference in the efficiency.
Updating Home Style
Unless you love old style homes, having an up-to-date looking property is important when it comes to the task of selling. Following home trends can help you better style your home to appeal to a buyer and could be the difference between a sale and no sale.
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