Smart remodels can have huge benefits for homeowners -- whether or not you're ready to sell.
6 Reasons you should update your home
- Increase functionality and flow: A well-designed remodel can make your home more functional and easier to live in. This could involve rearranging the layout of rooms, adding new storage space, or installing energy-efficient appliances. A more functional home can not only save you time and energy, it can be a valuable financial benefit. Correcting any awkward layouts will add to your resale value.
- ROI baby! Get that home value up up up: A well-done remodel can increase the value of your home. According to a 2022 study by the National Association of Realtors, the average return on investment for kitchen remodels is 70%, and the average return on investment for bathroom remodels is 60%. This means that for every $10,000 you invest in a remodel, you can expect to see an increase in your home value of $7,000 or $6,000.
- Better energy efficiency: A remodel can make your home more energy efficient, which can save you money on your energy bills. This could involve installing insulation, upgrading to energy-efficient appliances, or adding solar panels. According to Energy Star, homeowners can save an average of $200 per year on their energy bills by making energy-efficient upgrades to their homes.
- Tech updates can simplify life (EV chargers, USB ports, etc): A remodel can also give you the opportunity to update your home's technology. This could involve installing smart home devices, adding EV chargers, or installing USB ports throughout your home. These updates can make your life easier and more convenient, and they can also increase the value of your home.
- Upgrade builder grade materials to add value: Builder grade materials are often used in new construction, but they can be upgraded to higher quality materials that will add value to your home. This could involve upgrading the flooring, countertops, cabinets, or appliances. Higher quality materials will make your home more attractive to buyers and can increase the selling price.
- Controversial take: personalization will make you smile every time you walk through the door. Just do it!: Don't be scared to make your home your own! A remodel is a great opportunity to personalize your home to your own taste. This could involve adding custom features, choosing unique finishes, or incorporating personal mementos. Personalizing your home will make it more enjoyable to live in, and depending on the update, it could still increase the value of your home.
Overall, there are many financial benefits to remodeling your home. By increasing functionality, improving energy efficiency, and adding value, a remodel can save you money, increase your home's value, and make your life easier and more enjoyable.
