I recently renovated- my son needed a bedroom that wasn't shared with his sisters, so my kids and I built a bedroom for him by hand. There are so many reasons why someone might renovate, especially when you have kids; here are some of them.
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It’s not because they’re masochists — fixing up your home is necessary sometimes, and it comes with a lot of benefits. Here are five common reasons why people renovate.
1. Something Goes Wrong
Did your child flush their toy down the toilet, and nothing you do dislodges it? You need a plumber, quick!
An unexpected repair is perhaps the hardest renovation to handle because it doesn’t give you any time to prepare. Your overflowing toilet can arrive when things are already tight, and its urgent timeline means you can’t wait to save up what you need.
In these emergencies, a line of credit can come in handy for your family. You can put these essential repairs on your line of credit and pay down what you owe over time.
Before you consider applying for a line of credit, take some time to research your options. According to Fora, an online line of credit lender, you should consider the cost of borrowing, a lender’s reputation, and the size of the credit limit before you make any decisions.
2. You’re Expecting a New Family Member
Is another little one on the way? Or do you have plans to move your mom in now that she’s on her own? Either way, you’ll need more space to handle the new additions.
Renovating the basement or adding an addition gives your mom privacy. Meanwhile, you might have nine months to flip the guest bedroom or office into a baby’s room. While one of these might be easier than the other, the extra room means you won’t feel like you’re living on top of each other.
3. Reduce Your Energy Costs
Renovating your home is the perfect opportunity to make energy-efficient upgrades to your home. Installing three-pane windows, adding insulation to the attic, and replacing old HVAC appliances — these are just some of the projects that can help improve how much energy it takes to heat or cool your home.
When done right, these improvements translate into immediate savings on electricity bills, which can come in handy now that utilities have gone up in price.
4. Increase Your Property Value
If this isn’t your family’s forever home, you might be keen on selling it soon. It’s a seller’s market, but small upgrades, like kitchen renovations, can significantly boost your home's value and help you sell it for even more.
Stick with renos that promise the best return on investment (ROI). According to RE/MAX, the kitchen, bathroom, and a fresh coat of paint are the top three projects that pay off.
5. Bring Your House to the 21st Century
Last but not least, you might feel like it’s time your house got an upgrade — it’s as simple as that.
Maybe you’re tired of seeing the laminate flooring that’s original to your 1990s build. Perhaps you want to restore your century home to its former glory. Or maybe, you just want to give a facelift to your living room, making it a practical space for you and the kids.
Brainstorm to Make it Happen!
Whatever your plans, make sure you sit down with your budget to find out how you can save for your project. While a line of credit can help in an emergency, it’s better to foot the bill on any cosmetic upgrade shared today.