Is Now The Time to Invest In Home Renovations and Extensions?
Home renovations and extensions can be expensive investments. They’re certainly something a lot of people dream of doing, but deciding when to invest in them requires some thought and planning. Consider these tips when you’re planning your next major home improvement project.
Can You Cover The Cost Of The Project?
Given the recent cost of living increases, and concerns about the economy in general, many people are reluctant to make major financial commitments. If you’re considering a home improvement project, look at your personal finances first of all. Do you have an emergency fund? Can you cover the cost of the renovation either up-front, or with low interest borrowing? If you’re considering putting an extension on a high-interest credit card, then as awesome as it is in your mind you should probably think twice.
Will The Home Improvement Make Your Home More Comfortable or Energy Efficient?
Another consideration when you’re planning home renovations is “what will this renovation actually achieve”. If you’re simply making cosmetic improvements to the property, that would fall under something you want to do, but that would most definitely be a discretionary expenditure. In contrast, if you’re planning a renovation that would give you more space at a time when it’s needed because you’re having children, that’s an important purchase.
If your new kitchen or bathroom would have appliances or fixtures that are more energy efficient, or you’re replacing an old conservatory with a new one that has double glazing, you’ll see energy savings as a result, and that could make the purchase worthwhile. You’d be doing your bit to save the planet too.
How Long Will You Be Staying In Your Home?
Consider how long you’re going to be staying in the property. If you’re planning to move in the next couple of years, spending a lot of money on a home renovation is something you should think about carefully. Some renovations can be worthwhile because they could <a href=”https://www.bhg.com/home-improvement/advice/expert-advice/4-home-renovations-that-add-major-value-281474979622820/”>increase the value of your home</a>. Talk to a real estate agent that knows your area well to find out if the extension or other home renovation you’re planning would be a wise investment.
If you’re expecting to stay in your home for five to ten years or more, you’ll most likely get enough enjoyment out of the home renovation or extension to make it worth the cost. This means you can choose something you’ll love, without having to think about whether it’s a renovation that would be attractive to prospective buyers.
Have You Found the Right Contractors?
Home renovations are a big project, so its important to find a contractor that you can trust. Consider working with a company that specializes in the kind of work that you’re thinking of having done. For example, at <a href=”https://baysideextensions.com”>Bayside Extensions</a> we offer home renovations and extensions, and have many years of experience working on residential properties. If you’d like a quote for your project, get in touch with us today so we can help you design your dream home.