Renovate Now or Wait Until the Market Improves?

Renovate Now or Wait Until the Market Improves?

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Maybe it is time for you to dust off your home improvement plans.

Neighbors of ours completed an important renovation to their home in 2009, finishing the project even as the recession worsened. Wisely, they had a home equity line of credit available to tap, an important financial vehicle they secured several years before the economy tumbled.

Other friends of ours have been contemplating making updates to their homes, deciding to undertake projects delayed by two or three years. The economy is still recovering, but these friends are no longer willing to put the project off.

Sometimes we may think that the condition of the economy is the only component worth considering when weighing whether to move forward with a renovation or not. I believe that this kind of thinking is limiting, forcing homeowners to miss out on all that a renovated home has to offer including:

Updated Home — Any sort of renovation will provide your home with an important makeover, with the potential to raise the value of your property accordingly.  But what you should keep in mind is that the property you own is now more enjoyable thanks to an updated kitchen, extended bath, second floor addition or other important update.

Neighborhood Appeal — Your neighbors will thank you for your positive improvement and will likely reap the rewards of having a newer home nearby in the form of increased property values for their own homes. Your renovation can also inspire your neighbors to consider similar projects giving a real life example to the saying that a “rising tide lifts all boats.”

Street Value — Undertake your improvement in the right way and you can increase the value of your home too. Not all renovations carry equal weight, however, so do your research to find out if an updated kitchen is the smarter choice than that new family room.

Safety Concerns — Not many people consider a primary reason for renovating and that is to bring your home’s safety standards up a notch. While your home may meet all building codes and fire regulations, it may not be safe for you. Case in point: you’re wheelchair bound and getting around some sections of your home requires someone else to help you out. In the event of an emergency, such as a fire, will a narrow doorway prevent your escape?

With the economy still tough in many areas, one advantage for homeowners is that they can negotiate from a position of strength with their contractor. You should be able to enjoy noticeable savings perhaps saving enough cash to come out ahead with your renovation.

Adv. — If you’re planning to renovate, LetsRenovate.com is here to help you out. Newly updated, this site offers tools, tips and product trends to help make your home improvement project a successful one.

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Categories: Home Improvement

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