Homeowners know that the process of purchasing a home is about more than just the physical space. The neighborhood, community, school district, and proximity to employment can all help sway your decision. Homes age over time and deteriorate, become outdated, or simply may not fulfill all your needs. Let’s take a look at six factors that will help you decide when is the right time to remodel your home.
1. Your Home is Showing Clear Signs of Wear and Tear
Over time, different areas of your home may need general upkeep and eventually remodeling to counteract wear and tear.
If any areas of your home are obviously deteriorating, such as flooring or ceilings cracking or leaking, for instance, it may be time to begin the remodeling process to address these issues.
2. You’ve Outgrown Your Available Space
Our families change and grow throughout our lives, whether it’s welcoming a new child or an elderly relative moving in. Or, perhaps how you use your space has simply changed in a way that your home can no longer accommodate your lifestyle.
A remodel is a great way to create more space for entertaining, living, and generally increased comfort. Walls can be added or knocked down. Whole room additions are also an option for those that have the space on their property.
3. Your Home and Its Amenities are Outdated
One of the most common reasons for home remodeling is to update a home’s outdated features. This might be appliances that no longer get the job done, shelves and cabinetry that are harder to access as we age or a bathroom that’s wilted from years of steam and water. Make a list of your must haves and see if the price tag fits before you initiate the process.
4. You Have the Financial Ability to Fund a Remodel
Home remodeling can be pricey, especially for larger projects such as full kitchen, bath, or basement remodels. It’s important to first consult with your financial institution to ensure that you have the ability to fund a remodel.
Many institutions such as The Baltimore County Employees Federal Credit Union, offer Home Equity Loans that allow you to reinvest in your home based on the equity you’ve accrued. Be sure to weigh all your options and review your finances thoroughly before proceeding with a home remodeling project.
5. You Can Tolerate the Chaos of a Remodel
When you begin the remodeling process, you’ll need to accept some disruption to your daily routine. For instance, you may not be able to use your kitchen during a kitchen remodel, so you’ll need to plan ahead for a temporary solution.
This is true for most home remodeling projects. Consider whether this is an option for you before proceeding with a home renovation project.
6. You’ll Stay in the Home Long Enough to See a Return on Investment
It’s crucial to know that most home remodeling projects will lose value when it comes time to sell, so if you are thinking about a large or expensive remodel, consider how long you will remain in the home to truly get your monies worth.
Home remodeling can be a worthwhile investment for many homeowners. Talk with a Loan Counselor at your Credit Union to learn about all of our Home Loan Options to help make your dream project a reality.