There are likely tens of thousands of homeowners out there right now who are thinking about renovating their homes. They're checking out websites, they're doing research, and they're doing the math to see if they can afford going through with it. Every year, millions of people make renovations to their homes, and many people end up losing money in the process. Why is this the case? Well, plenty of studies shows a correlation between home owners investing in their homes and the actual health of the market. Meaning, simply put, that if the market drops out, home renovations aren't likely to pay off. Though there's a bigger reason here. It's because many people only renovate small portions of their home, and thus it's harder to recoup that investment.
It might seem scarier to some people, as it's a much larger financial investment, but going with complete home renovations might be the best way to ensure that these renovations actually pay off for you and help you to earn money back or to save money in the long run in your home. It's hard to recoup the investment when just doing a kitchen or a bathroom. People who take the step and renovate their entire homes, however, have a much better track record at having that investment pay off when going with someone like Mastered Home Renovations. Here's why.
How Having the Home Renovated Can Actually Save Money
No More Small, Annoying Fixes
Many people don't realize this until many years into their homes, but those small fixes and repairs are eating up your money through that old “nickel and dime” spending. You put a new floor down one year, then renovate a bathroom the next year, and then you do other odds and ends like changing different fixtures and pipes, etc. By the time you're 20 years or so into your home, you realize how much money you've already spent on parsing things out. You've spent far more money on small fixes than you would have spent just having a complete renovation done years ago. This is a good trap to avoid, and a good way to save money.
A Bigger Appraisal Markup
Let's say you start struggling with money due to some unforeseen circumstance and you need to draw on the equity of your home for a boost in your worth. Having undertaken complete home renovations will pay off in a big way for you if this is the case, as any sort of appraisal that you have done on the home now is going to mark your home's worth up by many thousands of dollars. This is going to be a great way to refinance, to draw out on your equity, and to ultimately ensure that you have more money at your disposal than what you put in. When compared to having to take out a loan or something, this is going to save you a ton of money.
When you go through with a quality complete home renovation, you can be sure that you won't have to replace things for a very long time. You won't have to worry about that sink spontaneously going bad on you, or some piece of your hardwood floor just popping up and needing to be fixed. When you deal with a reputable company and have complete renovations performed in the home, you know that they're going to last, and that they're guaranteed to last. This will save you a ton of money on having to make those random fixes in the home whenever something goes bad.
Less Energy Expenditures
When you have home renovations done to your complete home, then you're likely going to be dealing with much better insulation, superior windows, and much better appliances. What does this mean for you going forward? It means that your energy expenditures are going way, way down. You may only end up having to use about 30% of the overall electricity and other fuel you were using, which means that you're going to be saving thousands of dollars in expenses every year. Now multiply this over the life in your home, and you'll see that those renovations more than pay for themselves.
It is a larger initial investment, to be sure, but having complete renovations done in the home is a great way to save money over your lifespan in the home.