Over the past 3 years, people have been spending more time in their homes than ever before. A lot of time has been spent with people noticing details, deficiencies, and things they’d like to change or improve in their living spaces. With the world returning to a new normal and people wanting to make a change, home renovations are booming.
You may be one of those people, working from home has you wishing you could make changes to your new workspace, you’re tired of that old kitchen, your undeveloped basement is just wasted space right now.
If you’ve been putting it off due to budget or time constraints, consider this, home renovations can be a lot more affordable than you may initially realize, and depending on what you’re looking to do, they can be done pretty quickly. Quality contracting companies like Reborn Renovations get in and out in a hurry, and for a price that most people can afford on a budget. If you are considering going this route, most industry experts say that 2023 is the year you need to plan and get started on those renovation goals. Here are a few reasons why.
1. Home renovations boost your property value
If you want to sell your house one day, then it makes sense to make sure that your house looks its best. A well-renovated home will always fetch a higher price than an older or shabby home. This means that you stand to benefit financially from a renovation project. If you plan to stay put for quite some time, then you could potentially recoup the cost of your improvements through the appreciation of your property. Either way, a home renovation project is a win-win situation.
The housing market is also exploding in many places across North America. More and more young families people are out there trying to buy homes from a smaller and smaller pool of options. Banks are starting to hand out more mortgages, and home values are starting to go up a lot more. This means that any renovations completed in your house can have a massive return when it comes to the value and drive it up quite significantly.
In some cases, you can easily get back more than double what you invested into your renovation, and that’s on the low end. For high-end or whole home renovations, you can be looking at some serious profit when you flip the home or sell your existing house. This may not necessarily be the reason you want renovations, but it is another reason why 2023 is the right year to get them done.
2. Home renovations retain value for future generations
Historically one of the most profitable long-term investments has always been real estate. While the housing market can make significant upward and downward swings, over the course of ours, our parents’ and grandparents’ lifetime, the trend is always been significantly upwards. The trend will hold true for your children and grandchildren as well.
When you choose to invest in and renovate your home, you are making it easier for your children and grandchildren to live in when they come along. You are ensuring that they don’t have to worry about making major repairs or replacing appliances and fixtures. They won’t have to deal with the headache of finding a new place to live. The fact that they will inherit a nice home in a market that is always growing more competitive, should give them a great feeling of security and comfort.
3. Home renovations increase energy efficiency
Energy bills can add up over time. With gas, heating, and electricity costs hitting all-time highs in many places across the country, by improving your home’s insulation, heating system, windows, doors, roofing, etc., you will save money on ever-increasing utility bills. In addition, you will also help reduce carbon emissions which contribute to climate change.
4. Home renovations improve safety
Safety is important. When you renovate your home you are making it safer for yourself and your family. Building codes, while they can be frustrating at times, exist for a reason. A renovation is a time to update any deficiencies in your home from either the original build or past renovations.
Beyond correcting code issues, by installing fire alarms, smoke detectors, and other safety features, you are helping ensure that everyone stays safe at all times. Installing grab bars in bathrooms and kitchens helps prevent falls. You can even install new or better railings around staircases and balconies to keep visitors and family members safe.
5. Home renovations create a warm and welcoming atmosphere
You want to feel comfortable in your own home. That’s why you should consider adding some extra touches such as fresh paint, decorative lighting, and new flooring. These small changes can go a long way to creating a cozy environment where you can relax after a hard days work. After the rough several years everyone has had, it’s best to come back to a home that you can unwind and feel comfortable in, an oasis of sorts where the character and style resonates with you and makes you feel truly “at home”
6. Home renovations are fun!
Renovation projects can be exciting and enjoyable. You get to meet new people and learn new skills. Plus, there is nothing better than seeing your home transform before your eyes. Whether you are doing the work yourself or hiring professionals, you’ll enjoy every step of the process.
Interestingly, according to recent research, spending money on home improvements boosts our mental health. According to a study conducted by the University of Michigan, homeowners who spend part of their spare time working on their homes tend to report higher levels of happiness and life satisfaction. It seems like a small price to pay for a much-needed reprieve.
7. There’s no better time than now
If you’ve been playing with the idea of completing a home renovation, now is the time. 2023 is the year to bring your renovation vision to life, improve your living space, increase the value of your home, and make your space more functional.
Though we recommend choosing to work with a reputable renovation contractor for any of your home renovation needs, and not whichever handyman offers you the lowest quote. Your home is the longest-term investment many of us will make, it’s worth it to pay for quality.