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How Do You Know When It Is the Right Time to Renovate?

Have you ever heard it said that most trends move in twenty-year cycles? It holds true for more than fashion, but music, art, film, and—yes, décor!

In 2021, the damask wallpapers, heavy draperies, popcorn ceilings, and Tuscan-style kitchens, inlayed with blond wood and granite countertops, are beginning to show their age and are swiftly being replaced by more current styles. Well, in a manner of speaking…

But does this mean that you should feel pressured to frequently renovate in order to stay on trend? Absolutely not. What really matters is that you like your home and feel comfortable in it.

Sometimes, an abundance of ‘outdated’ features can make us feel overwhelmed, as if relocating to a new, more workable home is our only option for a refresh. However, with housing prices reaching record highs across the country, there are many incentives to consider renovating over selling at the moment.

Drew and Jonathan Scott, the stars of HGTV’s “Property Brothers,” suggest that location, functionality, and space should be the determining factors when deciding whether to renovate or move. When making the decision, you should ask yourself three key questions: Am I in the right location? Can this home make my life easier? Is there enough space for all of our family as it grows?

If you answered no to the first question, it might be time to consider moving. The other two can be remedied.

More often than not, renovating is the more cost-effective and satisfying solution, ultimately. We develop attachments to our homes; our memories live there, and it can be hard to let go of them. Sometimes, we just need someone to show us the undiscovered potential just waiting to be brought out.

But let’s get to the $64,000 question—How do I know when to say yes to renovations?  

1. Your Home is Falling Apart

Above all, safety first. If your home is suffering from structural issues, leaks, or other forms of wear and tear, it might be a good idea to consider renovating. If left unchecked, these can turn into bigger, costlier problems, but they are also just unpleasant to look at. A renovation can help you to feel safer in your home while also providing a dose of inspiration each day!

2. You Are Financially in the Position to Do So

Renovations can be costly, especially when they are significant. If you’re planning a major kitchen overhaul or an addition, make sure you are financially ready to embark on such a journey. A home equity loan is a common way to finance major renovations. These allow you to borrow money secured against the value of your home, so as your mortgage increases and the value of your home increases, you will have more funds to work with. Contact your financial advisor today to discuss your options.

3. It Will Increase the Value of Your Home

When prioritizing tasks on the hierarchy of renovations, it is important to think long-term. Some renovations will add more value to your home than others, so when you are ready to sell, you can get top dollar for your property. That’s why we suggest prioritizing high-return renovations—kitchens, bathrooms, roofs, new or refinished hardwood floors, insulation, siding, and garage door replacements. For a detailed cost breakdown on a number of these projects, check out this excellent resource from HouseLogic.

4. You Are Running Out of Space

As families grow, so do their needs. If it feels like your home is lacking in privacy or just feels too small, it might be wise to consider an addition. You might also consider a change in layout. For more information on the ways that open concept design can revitalize your living space, visit our blog HERE.

5. Your Home is Feeling Out of Date

If you feel like your features are feeling a bit out of date and it is becoming a problem, perhaps a remodel is in order. Whether making major or minor changes, bringing opting for more modern designs can help you to feel more comfortable while also increasing the resale value of your home.

Like most things, it is unwise to renovate hastily. Renovating requires a great deal of work and planning, but the rewards can be infinite If you are ready to embark upon the journey of renovating, visit our website today. Impero’s inspired and experienced professionals are ready to turn your forever home into your dream home!