Pros and Cons of Home Renovation
Homeowners often consider renovating their homes, especially if they have lived long enough in the house. People’s needs change as they go on with life. When our lifestyle changes, it is normal for us to change our environment to complement our needs. Some people expand their house to create more space. Other people simply want to enhance their house’s aesthetics to mirror their progress in life. Whatever your reason for wanting a home renovation, you should carefully plan your decision and consider all the factors involved.
There are a lot of factors to consider to determine if you should execute a home renovation. Home remodelling has its advantages and disadvantages. Like any other big projects, it is crucial to weigh in all the pros and the cons to avoid wasting money, time, and effort. Here, we listed all the pros and cons of home renovation to help you decide whether you should proceed with such a big project. We also included the challenges that you may face should you proceed with your plan.
Advantages of Home Renovation
Remodelling your home can provide many advantages, especially if it aligns with your budget and time. Here are some of the pros of executing a home renovation.
You can remodel your home to achieve that dream house.
Buying and owning your first house is a magnificent experience, but often what you thought of was your dream house is not really the finished product. As you go on with life, you will realise that you have many more things you want to add to your house. If you have been living for years already in your home, you surely know now which features you would like to add to your property.
You can add features inside the house based on your lifestyle needs. For instance, you can add more rooms if your family is growing in size. You can renovate your kitchen if you want more space in the cooking area. You can also add some personal touches, such as adding tiles to the floor or building a custom deck. Renovating your house will not only allow you to add these features. It will also give you a sense of accomplishment in life.
Home renovation can preserve emotional connections.
Your house, especially if it is your first house, holds several memories to you and your family. Moving houses can be burdensome due to the emotional attachments to your home and the community around it. If you want a bigger house, but you can’t simply leave your life and experiences behind, you can opt to remodel your house.
The value of your house may increase.
If you are business-minded and are planning to sell your house someday, remodelling it can increase its value. By creating transformations that will improve the utility and aesthetics of the house, you can sell your property at a better price. House upgrades such as roof remodelling and porch or custom deck installation can give your property a lasting value and a better appeal.
You can maximise tax advantages.
Executing a home renovation can also open opportunities for tax advantages. For example, if you plan to have a solar construction or water-saving equipment installation, you can get federal tax credits that can help you save the costs. You can also deduct the cost of your upgrades from your capital gains tax if you are planning to sell your property.
Disadvantages of Home Renovation
Remodelling your house is a massive project. Thus, it requires a lot of effort, time, money, and some sacrifices. We listed down below the challenges that you may face if you plan to do a home renovation.
The cost of the renovation may change.
Home renovations take several months to finish. Several things may happen during that time, and you may encounter obstacles along the way. There may be hidden issues inside your house that may need to be addressed during the renovation. There may also be additional material and services costs if you run into some problems along the way.
You should also take note that not all contractors will agree to your renovation plan. Negotiating costs with contractors can be a tedious process, especially if you are on a tight budget. If you are a first-timer, they may even charge you more than what is required. Thus, you should always research and verify the costs on the Internet. Research the background and the websites of the contractors or renovation companies to check their services and usual rate.
Read this article for some tips for hiring a contractor.
The project may take longer than you think.
Similar to the overall costs, the time for the project to finish may also vary. The contractors may give you a rough estimate about how long the renovations would take. However, several factors may affect the renovation schedule. Problems with the features of the house may only show up during the actual renovation process. Unfortunate events may also happen along the way. Thus, you should always allow extra time and prepare a realistic timeline to avoid frustration.
You may have to live in a construction zone.
If you are only remodelling a part of your house, you may be planning to stay at your home during the renovation process. Unfortunately, such a decision means that you may be living in a construction zone for a while. The construction process can become noisy and stressful, especially if someone is working or studying at home. If you plan to proceed with this plan, communicate with your family and ensure that you can live with such a temporary inconvenience.
Storage may be limited.
When renovating a portion of the house, you may need to store your belongings somewhere else. Keeping them on the construction site is not advisable as the process may cause damages to the items. This situation can be a problem if you do not have a garage or enough storage space for your stuff.
The renovation process may take several months. If you do not want to live in an overcrowded home for months, plan ahead of time and decide where you would temporarily keep your belongings. A handy solution to this problem is to rent a self-storage facility. For busy cities such as Brighton, renting a self storage unit in Brighton is popular for people who plan to renovate their homes. If you think your house is unlivable during the construction process, renting a storage unit can also help to store your belongings in a safe and secure place.
Home renovation is a big decision, so make sure to weigh in the pros and cons of the project properly. Once you have considered the factors and prepared yourself for the possible challenges, you are now one step closer to your dream!