Is a Major Home Renovation Worth it in the Long Run?
Every homeowner wants to live in their dream house but deciding between home renovations and relocation can feel daunting. If you just want to update your fixtures and accent pieces, minor improvements are fairly easy to accomplish with minimal downtime. On the other hand, major home renovations require planning, investment, and professional execution.
Are you wondering if a major home renovation is really worth it in your Central Florida home? In this article, we will explore things to consider when it comes to renovations, depending on both your long and short-term goals as a homeowner.
Keep reading to learn everything you need to know to make the best decision for you and your property.
The Benefits of Home Renovations
Boost Your Property Value
A major motivator for renovations is an increased resale value, which could potentially lead to a positive return on investment. Depending on the current state of your home, renovations can allow you to sell for a high-profit margin. In this case, you would make back your initial investment and more. With skyrocketing home prices throughout Central Florida including here in Orlando, Winter Park, and Kissimmee, you're more likely to recoup your investment than in other parts of the country.
However, be strategic about your home renovations and consider the true value of all variables: location, land, original build date, size, amenities, etc. Make sure you renovate the house with your target buyer in mind. Established families might enjoy certain additions more than a retired couple, or a young couple looking for their first house.
Attract More Buyers
Attracting buyers isn’t just about aesthetics or amenities, for example, some buyers prefer low-cost, safety/security or low-energy usage. If you have a fairly updated house, renovation costs could go towards improving the efficiency and resources on the property. Consider what a buyer might deem as an exclusive renovation—something they won’t be able to find in the surrounding areas.
Optimize Functionality and Convenience
A home is a place where you spend a substantial amount of time, so you probably aim to create a relaxing, peaceful environment. If there are aspects of your home that are inefficient and always get in the way of your daily tasks, renovations can be extremely beneficial. Improving the user-friendly nature of your house can restore feelings of comfort and ease. If you aren’t planning on selling, it can be an investment that feels rewarding in the long run.
Improve Your Mood and Daily Life
Studies show that your surrounding environment influences your mood, happiness and a general sense of wellbeing. If a renovation has been lingering in your mind for months, or even years, it might be something to further consider. Some homeowners enjoy their area and property, so moving doesn’t feel like an actionable option. In that case, renovations might improve the rest of your life spent in your house.
Things to Consider Before Renovating
Many homeowners get excited about redoing their house, but they don’t want to invest the money it takes it get there. Home renovations are expensive and often take careful planning to budget and execute efficiently. Prior to committing to a full renovation, calculate the price of your remodel. Have an idea of how much you can spend so you know when to cut yourself off, or reduce pricing on certain materials.
Depending on your renovations, it’s important to understand how the money going into the property will influence the resale value. If you want to move soon anyway, it’s not productive to overly invest into the property unless you know that it will benefit you directly. Weigh the pros and cons to make sure you’re settling on the right decision.
Short Term vs. Long Term Goals
Make a list of your short and long term goals for the future. Short term goals might be fulfilled by minor renovations like cabinets or fresh paint. On the other hand, your long term goals may align with being more environmentally friendly, sustainable, or financially savvy. Creata a mind map with both lists where you can explore how your personal goals overlap into your home’s needs.
The biggest mistake homeowners make is trying to do it all alone. If you try to DIY your home improvements, there is a higher likelihood that you will mess up your home renovations. Instead spend some time consulting a professional renovation contractor or custom builder. Compare rates and decide who is best for the job.
Know What You Want
Have a clear idea of what you want and how you want your house to look in the future. For example, if you are looking for a bathroom or kitchen remodel, get clear about your kitchen design and bathroom design ahead of time. Do you want granite countertops, or a new backsplash? Do you want your bathroom makeovers to match other areas of your house?
The more detailed you are in your renovation vision, the easier it will be to discuss your goals with a professional. If you are still on the fence about what you want, consider going to showings or looking design books to get more information.
Major renovations are also known for some major downtime, some families can get relocated from their homes for weeks. If you are doing large remodels that alter the shape and size of your current property, you might have to spend some time away before contractors can finish the project. Prepare to be out of your house for longer than you expect, so you can stay on top of scheduling.
Type of Property
If you have a historic building, take time to plan renovations before falling through on your ideas. Some older homes will benefit from remaining pristine in their original condition. Make sure to take this into consideration and talk to some people in your local area. The last thing you want is to replace aspects of your home that would actually resell as historic property in your home.
Renting, Buying or Flipping
If you have purchased your lifelong home, renovations may be beneficial for long term satisfaction in your property through the years. However if you get the urge to change minor things with your rental, consider adding them to a dream list.
Instead of investing any money or discussing options with the landlord, look for these amenities in your future home. If you are flipping a house, be strategic from start to finish about the home you choose to renovate. The goal of flipping is to make a higher profit than the investments you put into the home.
The Takeaway: Should I Renovate My Home?
Home renovations can be hard work and a substantial investment upfront. However, depending on your goals, they can be incredibly advantageous for homeowners or individuals looking to resell. If you want to update your home, consult with our team today to discuss your project.
People looking for commercial construction, fire restoration or water restoration should seek a professional that is certified for these jobs. Thankfully, our team even holds multiple IICRC certifications as well, and we're capable of negotiating with your insurance and leaving your home even better than before. Don’t rush into a home renovation if you haven’t thought it through. In the end, the best results come from diligent planning and strategy to reach your desired property goals.
Our team is here to serve you. Call today! 321-436-9426