Home remodeling benefits the homeowner on many levels. It increases the resale value, improves the aesthetics, and lowers property taxes. It also makes the neighborhood look better, which is important if you want to sell in the future. After all, no one wants to be the worst neighbor. This means that a neighbor who is remodeling their home is doing a good thing for everyone in the neighborhood.
Increases resale value
Home remodeling is a great way to increase the value of your home, whether you plan to move or stay in it. In fact, 70% of Americans tackled some kind of remodeling project during the COVID-19 pandemic. While many of these remodeling projects create more value in homes with lower values, some projects are more effective for higher-priced properties. Whether you decide to remodel your home is up to you, but it’s always a good idea to consider the preferences of potential buyers when deciding what improvements to make. You can also consult with a real estate professional for tips.
Improves the aesthetics
Making improvements to your home will increase its resale value, as well as improve its aesthetics. These improvements can be simple or extensive, and don’t have to cost much. The first step is to determine what’s most important to you. If the home looks great, you feel better when you are present there. And your neighbors will love it. Just make sure you do not sacrifice function for looks.
Lowers property taxes
If you’re considering home remodeling, there are several steps you should take to avoid an increase in property taxes. One of the best practices is to limit your remodeling projects to interior improvements. By doing so, you can improve the quality of your life while reducing your taxes. Some of the most common upgrades that you can make include new flooring, kitchen and bathroom upgrades, and finishing your basement or attic. Some of these upgrades may actually qualify as improvements rather than repairs.
Increases energy efficiency
Home remodeling is an excellent way to increase energy efficiency in your home. It can boost the value of your property and cut energy bills. While energy upgrades may not be visible, they do make a big impact on your utility bills. Russ Rudy, a builder and energy-efficiency expert, has performed gut rehabs on homes in the Midwest. He’s achieved energy savings of up to 75 percent for some homes. Even less extensive work can result in a cheaper energy bill. Historic Green, a nonprofit organization in Kansas City, has cut energy use in some homes by half. This has resulted in average monthly savings of $100.
Reduces cost of utilities
Home renovations can help lower the cost of utilities so you have more money available for that premium web hosting you couldn’t afford until now. By installing efficient appliances and making the house more energy-efficient, these improvements can save a homeowner money each month. Utilities are rising, particularly in the Greater Toronto Area, so many homeowners are looking for ways to lower their bills.