Homeowners decide to renovate their homes for a variety of reasons. Whether it’s a new kitchen they’ve had their eye on or an upgrade to their fixer-upper, homeowners seem to have an irresistible urge to improve the quality of their homes. In fact, 90% of homeowners say they plan to remodel or renovate their home.
If you’re looking at your home and thinking about making a change, we’ve compiled five reasons why people decide to renovate.
They Need More Space
It’s hard to put a price on comfort. Maybe they’ve outgrown their current accommodations, or they are making room for a growing family. Many people choose to renovate their home to increase the amount of space available.
Expanding your living space is great if you love to host, have a growing family, or just need room to breathe. Often, homeowners will focus on adding a new room or increasing the amount of space in an existing room like a kitchen or bathroom. This type of renovation will typically add more value to your home as well.
It’s Time For a New Kitchen or Bathroom
Maybe it was the old cabinets in the kitchen or the outdated tile in the bathroom, but eventually, many homeowners decide it’s time to renovate. Given that kitchens and bathrooms are the most common home renovations, it’s no surprise that these two rooms make the list.
For many homeowners, the kitchen is often the room with the most impact on a home’s identity. Serving as a community gathering space, it’s important that this space be inviting and accommodating to guests. In recent years, however, the bathroom has become the primary room homeowners choose to renovate. Perhaps it’s a dated trend with the cabinets or a push to be more eco-friendly, homeowners are finding cost-effective ways to focus their remodel on the bathroom.
For more information on remodeling your bathroom, visit our post “The Top 9 Rules For Your Bathroom Renovation” on our blog.
Complete an Unfinished Basement
Exposed concrete and joists aren’t the most attractive feature. For many homeowners, placing the finishing touches on their basement is just what their home needs. An unfinished basement can be great for extra storage space, but this space can be converted into an additional living area to be used as an office, a playroom, a home theater, or more.
By completing an unfinished basement, you are ensuring that an entire level of your home doesn’t go to waste and potentially increasing the value of your home in the process. There are additional concerns when renovating a basement, so it’s essential to have a plan on how to handle less natural light, exposure to additional moisture, and keeping out the critters. You can even flex your creative muscle with some fun DIY projects for the new basement.
The Home is a Fixer-Upper
Many homeowners decided that, despite its appearance, their future home had a certain charm that they couldn’t resist. Or they are first-time homebuyers who decided a starter home was the perfect fit. When the time is right, they pick a renovation or remodeling project and start.
With nearly 60% of home shoppers saying they are open to a home that needs help, the idea of buying a home and immediately planning to renovate is commonplace. It doesn’t need to be a complete remodel, or even adding additional rooms, but homeowners often choose to renovate to bring life back into their fixer-upper. With the number of loan options available, it has become easier than ever to make it happen.
Certain Rooms Need to Be Larger
Need more closet space for your wardrobe? Is the master bedroom just a touch too small? Many homeowners decide that select rooms in their home need to be larger. Older homes may typically have smaller rooms, or first-time homebuyers may have just jumped into a starter home with less square footage. Renovating that space to be larger helps breathe new life into the home and may increase the value.
Do you want to give your home a modern feel? Are you looking to increase the value of your property? The number of reasons why homeowners choose to renovate are countless and may range from adding more space to fixing safety issues or making their home more efficient.
It may be a small addition to a closet or a complete renovation to the home, but when homeowners decide it’s time for a change they turn to a lender to help make their dream project come true.
Do you have questions about a renovation project? Please reach out to one of our qualified mortgage experts to learn more.
The included content is intended for informational purposes only and should not be relied upon as professional advice. Additional terms and conditions apply. Not all applicants will qualify. Consult with a finance professional for tax advice or a mortgage professional to address your mortgage questions or concerns. This is an advertisement. Prepared 10/28/2020.