New Year, New House: 3 Ways To Know It’s Time to Renovate
We often start the new year with resolutions to better ourselves, but that doesn’t always extend to the space that most defines us—our home. If you plan to stay in the house long enough to see a return on investment, and if you’ve got the itch to make some structural changes, make this the year of action, especially if you find yourself in the following situations.
Your family is growing out of the space, but you love your house and your neighborhood
They say location is everything, but if the lovely three-bedroom bungalow you bought as a younger couple ten years ago feels like it’s bursting at the seams, it might be time to make some changes. If you look around but find that a larger house in the same area isn’t a possibility due to price and inventory, adding space to your home might be a good option. Adding square footage won’t just make living there more enjoyable, it will likely increase the sale price, too. Some additions that add value (and keep your sanity in check) include a master suite, bathroom, and/or family space.
The floor plan doesn’t function as well as it could
When you first bought the house, you fell in love with the unique styling and details—so much so that it didn’t occur to you until after you moved in that kitchen counter space was limited and the pedestal sink in the bathroom meant there was practically no storage. Understanding better ways to utilize space could be the key to a less cluttered home that simply works better for you and your family. Consider hiring an architect to lay out the best floor plan for your needs—it may be more affordable than you think.
You need structural upgrades, and/or the house feels dated
Though there are plenty of television shows extolling the virtues of “flipping” a home for profit, for most of us the real value in remodeling is loving the place where we live. Whether the house needs true structural repairs (energy efficiency could help decrease those electric bills), or if it’s finally time to bring the home out of a former decade and into the present (goodbye carpets, hello wood floors!), you deserve to be comfortable and proud of where you live.
Depending on the renovations you want or need, costs may exceed what you can pay in cash. The good news, if you have equity in your home, is that you may qualify for a renovation loan. Whether you’re hoping to remodel to increase the home’s overall value, or you’re just ready to make some changes for your own happiness and/or sanity, at Open Mortgage we want to help you find the right loan for your project.