When you see a crack in the wall or a rusty pipe, is it time to renovate a home? You don't want things to fall apart around you, and that's why you decide that perhaps it is time to renovate. For some people, renovation is a fun project to undertake. For some, it could be quite a chore. Whichever it is, a time will come for renovation but it is a matter of choosing the right time.
When do you know it is time to renovate? Renovations are not done on a whim as it can be costly and time-consuming. There are a lot of decisions to be made, more than one realizes. So before you jump into renovating your home, here are some things to consider if it is the right time:
1. Your home needs to be maintained
The general rule is that your home should be updated every five to ten years. This does not necessitate costly renovations involving the removal of tiles and the demolition of walls. Changing small details like door handles and faucets can often achieve the desired effect.
Another rule of thumb: you need a plan. Some people just want to jump into a renovation or they already shop for either furniture or fixtures they need. That is not always the best course. You need a plan on what you want the renovation to achieve and how can it achieve them. Do you also want to hire an interior designer? A contractor? The point is you need a plan. When you have that sorted out, it is a good time to renovate.
2. Your space doesn’t meet all your needs anymore
Let’s face it: renovation costs a lot. You could easily spend thousands of pesos updating your kitchen and another big sum converting an unfinished room into a livable space with a built-in bathroom. If you intend to stay in your home for a long time, those investments may be more than justified because they will make your home more comfortable and pleasant to live in. However, if you anticipate moving within the next few years, you may not want to invest in renovations that you will not be able to enjoy for long.
A lot of the time, families renovate their homes to make space for their growing family and needs. If you think you have the space you need in your current home and a renovation can do the job, then it is time to renovate. Otherwise, it might just be smarter to make the move.
3. You’re financially prepared for it
Updating your space is always nice. However, make sure it does not drain your savings or break the bank. You know it is time for a renovation when you have an adequate budget for it.
Another thing to factor in the financial aspects of renovation is home equity. Home values have risen, and many property owners now have a significant amount of home equity. Equity is the portion of your home that you own outright, and it is calculated by subtracting your mortgage balance from the market value of your property. Make sure you own most of your home before making even bigger investments for it.
People need to have the right reasons to renovate as well: you want to improve the space. Renovations do not always mean a home’s value will go up. Some homeowners are motivated to renovate their properties because they believe it will help them sell their homes for a higher price. However, few home improvements provide a 100 percent return on investment.
We hope that this article has shed a little light on how to determine if it is time to renovate your home. Many people focus on the physical aspect of a property, but there is much more involved than this alone. Before you decide, take the time to consider all of these factors and then give yourself plenty of time to do it right and make sure you are happy with the outcome. The last thing you want is to go through all of the renovation work and find out that it was a mistake.
Have any renovation questions? Email us at info@jcvassociates.ph and visit www.jcvassociates.ph to know more about our design & build service offering.