Interest rates are seeing record lows making it affordable for more homeowners to obtain a home equity loan. Finally contractors are finding themselves taking on expansive home addition projects for clients. Below you will find a few items to think about as you tackle any sized home improvement project.
The real estate market is ever changing. It is important to remember that every investment that you make to your home has a different return on investment. Some renovations are done purely for your own satisfaction and it is important before you invest thousands of dollars that will never be recouped that you fully wrap yourself around that idea.
Whereas other renovations not only recoup their value when your home sells they add substantial value to the homes equity. To make sure that the renovation makes sense consider the cost to value ratio verse buying a new home. Of course other factors will go into this such as the location of the home, home available on the market and such but overall does it make sense to put money into your current home?
There are a number of ways to increase the space within your home. Not all home additions are viewed the same when it comes to the real estate market. For instance, many buyers view a sunroom as a liability. You may however consider a sunroom the ideal way to bring the outdoors inside. Consider this when investing in the renovation. If you will not be able to recoup your investment in the long run how much are you willing to spend to get what you want so that you can enjoy the space while you own the house?
Finishing a basement however is seen by most buyers as a viable use of space. If you are finishing a basement to offer additional bedrooms and living areas make sure that they function as such. If the current basement lacks natural light it is important to plan the renovation to include additional natural lighting and windows. The space should function just like an addition onto any other part of your home. You are not adding additional square footage to the home per se however you are adding to the functional space of the home.
A major benefit of creating an addition out of spaces that already exist in your home like with attic and basement renovation is that although you aren’t adding square footage to the house you also aren’t eating up valuable landscape space. It is amazing how an addition to an existing home can really transform the space. With the constant noise, presence of crew and other distractions it can be hard to remember why you chose to renovate. Keep in mind that all home improvement projects have a bright light at the end of the dark tunnel; the enjoyment that you will find in having additional functional space without the hassle of selling a house, buying a new one and moving your household.