The past year has required many of us to remain in our homes for longer periods, which has resulted in a lot of conversations about whether or not it’s time to move or make renovations. There are pros and cons to each options, but the bigger question to answer is, “What are your living needs?” If there’s another child entering the family, or working from home is going to be a more permanent solution, it might be worth looking for additional space, but renovations can also drastically change a home’s flow and useable area.
Renovations
Renovations can be either big or little projects, and not all have to be expensive and disruptive to make an impact. Typically, renovations are cheaper than buying a new home, and can add value when done properly. A few reasons home improvements make sense include:
- The current home address all the family’s needs, but it just needs some updates.
- Space needs to be converted to accommodate work or family changes.
- Making the home more energy efficient.
- Modernizing the interior or exterior design.
In many cases, simple projects such as repainting walls, baseboards and doors can make a big difference. Additionally, resealing around doors and windows, changing lighting and updating the flooring and/or countertops can make an old house look new again. Plus, these are changes that require minimal disruption.
Contractors
Larger projects, such as room add-ons and conversations, window replacement, updating the HVAC system, or moving to a more open floor plan that reconfigures the internal layout, can add a little more disruption, but as long as the changes meet the family’s needs, that is what matters. It’s important to remember that not all changes will add value to a home. Updating bathrooms and the kitchen can usually add the most value, followed by exterior landscaping and updates.
Although renovations make sense for some families and homes, it is not always the right solution. If another bedroom or bathroom is necessary, or the owners’ mobility is decreasing, it may be time to consider moving. Sometimes when children move out, parents find they want less space to maintain, so the family home may no longer fit the needs of the occupants. Take time to think about what the family’s living needs include and whether or not the current residence meets those needs.
Soon many people will file their taxes and hopefully get a tax return. Regardless if moving or renovating is the right choice, if changes are in store for this new year, saving that tax return and investing it in the home can be a good choice.