10 Reasons Home Improvement Is the Right Investment
There are 10 good reasons to remodel instead of buying new right now, here they are. Photo Credit: Jeremy Levine Design
It would seem that there are little or no good investments these days, especially in the housing market. So instead of investing in a new home or trying to sell their existing home, homeowners are deciding to improve their homes with remodels, additions, and energy upgrades. In such bleak economic times one would think any sort of major expenditure would be off the table, yet homeowners across the country continue to choose home improvement. Upon investigation and rumination several good reasons come to light why home improvement, especially now, is the right investment. Here are Ten:
- Cheaper than buying new. Remodeling can be done for a fraction of the price of buying a new home, even in a depressed market. It’s also a lot less risky.
- Return on Investment. The ROI for many remodeling projects is quite high, reaching up to 80 percent for kitchens, bathrooms, and other popular improvements.
- Customize. Remodeling gives your home a touch of personality it did not have before. Designed by you and your contractor, your remodel could actually be termed a reinvention.
- Fruits of Labor. Perhaps the best thing about home improvement is that you, the homeowner and family, get to enjoy the fruits of your investment.
- Repairs and Upgrades. A huge quantity of homes are coming due for repairs; it’s just the toll time takes. In a selling-prohibitive market, remodels are taking control. It is also a chance to upgrade energy efficiency and even energy production—think solar panels. There are also new tax incentives for both efficiency and energy upgrades.
- No Move. The hassle of moving is sometimes not worth the trouble, especially when a remodel can elicit the feeling of a new home on its own.
- Speed. Compared to building a new home, remodels are much faster and cheaper than new construction. In as little as a few days to a few months your room or home can feel brand new.
- Price is Right. One benefit of a slumping housing market is that it gives homeowners more control over the price they pay for home improvements. Prices have dropped as contractors compete more for work; a good reason to remodel now as opposed to later.
- The Best Contractors. Another result of the slowdown in home construction has been to weed out many of the poor contractors that thrived when work was plentiful. In tough times it is typically the smart, experienced, and reputable contractors that survive.
- Property Taxes. While they do improve home value, many home improvements do not raise it enough to cause a huge increase in property taxes. Furthermore, energy upgrades such as solar power and other renewable energy systems are exempt from property taxes in many states.
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