The freedom of being able to renovate your own home to your own tastes is one of the main attractions of investing in real estate. Purchasing a renovator’s delight can make getting into the property market more affordable and provide many benefits.
Renovating can enhance your lifestyle and increase the property’s value long term. You can save on moving and avoid disrupting your children’s life by moving them to other neighbourhood or school. You can improve on the functionality of a home and put right poor workmanship.
Whether you’re looking for financial gain or to simply create your dream home, renovating has its advantages. Here are 3 of the top reasons why you should consider renovating your home.
Enhance the property’s value
Whether you’re wanting a quick return on an investment or in for the long haul, renovating can be a great way to enhance the value of your property. Improving a home can increase your sales potential, especially in a competitive market, or be your nest egg for retirement.
For inspiration on how you can improve your home, research luxury home builders in Melbourne, London, New York and other major cities. This will show you want you can achieve with a variety of homes. When you’ve made the decision to renovate, speak with a local real estate agent before you knock down any walls.
This is especially important if you plan to flip the home quickly or only wish to live in it for just a year or two. Over capitalising is a common mistake and can reduce your profit margins significantly.
Renovating gives you the opportunity to increase the functionality of the home. Not only do decorating styles change over time, the way people live within their homes does too. You only have to scour Pinterest or Houzz for a few minutes to notice open plan living is far more popular these days than closed off rooms.
Choose to renovate and you can make a big impact on the layout of your home. One family bathroom may simply not suffice and an ensuite may really make a big difference. Extending the back of your home could give you a greater living space. Going up could be what you need to make the more family-friendly.
Improve the home’s eco-footprint
There is a whole host of modifications you can do that can make your home more eco-friendly and save you money in the long run. The prospect of never paying another electricity bill is very appealing!
Solar panels, grey water systems, low-flow showerheads, energy efficient appliances are just some of the ‘green’ improvements you can make during your renovating. You can also change the materials like your installation or flooring to reduce your home’s toxic load.
It’s important to remember that while some of these modifications may cost more initially, long term you’ll be making savings to compensate the initial outlay. You can check with your local council whether there are any grants or finical incentives to make these improvements more achievable. From a resale perspective, homes with a reduced eco-footprint may also be more desirable in your area.
Still not convinced renovating is for you? If renovating seems like all you’re going to do is inherit another home owner’s problems, starting from scratch may be a great alternative. To reduce costs, look for vacant blocks in regional areas. Geelong land for sale, for example, is much more affordable than finding a plot in central Melbourne.
Just like with renovating, gain some inspiration about what you want to build before you purchase a property. Once you know what you’re after, crunch the numbers. You may find renovating, after all, is a more cost-effective way to get you the home you love.