Allen Spearman is an electrician and contractor. He has owned several successful businesses over the years. He states that there are many benefits to home renovation. Some are well-known, but other benefits may surprise you.
1. Saving Money
This may be the most surprising benefit of home renovation. When you think about renovations, you probably envision a hefty price tag.
However, you should consider renovations an investment rather than an expense. Some renovations can pay for themselves and even save you money in the long run.
For example, if you replace your carpet every few years, a high-quality carpet and professional installation will save you money in the long run.
Renovations that increase energy efficiency are a great way to save money. This can include better insulation, replacing drafty windows, and adding natural light to your home.
2. Improve Your Experience Within Your Home
Allen Spearman notes that when you don't like aspects of your home, it causes stress. This is particularly true if your home's current design isn't working well for you.
Your home may be cluttered or doesn't provide enough storage space. Perhaps you don't like your old flooring, or you've been dreaming of a new bathroom.
Remodeling your home allows you to enjoy it more. It also reduces stress and improves your ability to function at home. This may seem frivolous, but your home is your sanctuary. It's important that you are happy with it.
3. Increases Your Home's Value
Remodeling your home can significantly increase your home's value. The value often increases far beyond the cost of the renovations.
You often see this approach on TV shows like Love it or List It. However, even if you aren't planning on selling your home in the near future, it's still a good idea. Your home has equity, and increasing your home's value also increases its equity.
For example, renovating your kitchen can raise the value to80% of the cost of the remodel. Bathroom remodels typically increase the value by 95% of the cost of the remodel. A deck will increase the home's value by 106% of the project's cost.
4. Being a Better Neighbor
This might be the most overlooked benefit of renovations. According to Allen Spearman, having a good relationship with your neighbors makes your home more enjoyable.
When you do renovations that improve curb appeal, it can bring up the value of the neighborhood. This is particularly true if your home has an unappealing or run-down exterior.
Having an attractive home also makes a living in the neighborhood better for everyone because it's simply more appealing to look at. You may even find your neighbors hoping for dinner invitations.
Allen Spearman is a Philadelphia native. He attended Penn State University before opening his first business, Restaurant Cleaning Services. He has a Masters Electrician, Contractor's license, and a CMS in Heating Systems and HVAC Electrical Systems.