According to Barclays research, homeowners pay between £1,000 – £2,000 per square metre for extension projects on their dream homes. While this seems too much cost for some, others consider it worth the magnitude of work during a renovation. Indeed, there are many reasons supporting the need for home improvements, and if you’re interested in knowing why, below is a list of some reasons.
1. Increases value
While the property market is highly competitive, homeowners can appreciate the value added to their property by completing a well-done home improvement. For example, curb appeal, flooring, windows, doors, and the property’s physical structure makes a lot of difference. Having all utilities up and running is something buyers look out for.
Apart from what the buyer may have in mind, residential properties are known to appreciate every year. In other words, it is a vibrant sector, and regardless of external economic factors, a property will increase in value because more people invest in real estate every year. With this in mind, one of the roles of home improvement is to properly position the property for better gains in the future. For example, you will be able to charge more if you put your newly-renovated home for rent while you are traveling, and it can even become a source of income to fund your nomadic adventures.
2. It saves cost in the long term
Did you know that home improvement has cost-effective benefits? Perhaps, it would help to look at it from this perspective. According to UK housing websites, the cost of remodelling a three-bedroom house starts from £38,000. Anything less than three-bedroom ranges from £18,000 to £30,000. At a glance, this looks quite expensive, but you probably are yet to weigh it against the cost of hidden repairs in the home.
During renovations, homeowners find deteriorating structural components they wouldn’t have discovered until things worsened. During such repairs, the average cost could range from £15,000 to a whopping £40,000, if severe. Therefore, juxtaposing the cost of a home improvement against repairs makes the former cheaper. In other words, you can ‘kill two birds with one stone’ during a home renovation.
Furthermore, plumbing problems are the most common issues discovered during home improvements. During home improvements, it becomes easier to determine whether your property stands to experience the same problem in the short or long term.
3. Improves safety, security, and function
A home improvement project is not entirely about property beautification. Instead, it simultaneously tackles safety, function, and security. For example, while a home improvement project may require you to change windows and doors to match the new theme of the house, it also ensures that the new installations are better. Over the years, manufacturers of pre-fabricated windows and doors have made it a mission to improve their products’ safety, security, and function. Therefore, you automatically reinforce your home’s safety features by changing your old ones.
4. To forestall home deterioration
If you have lived in one house for more than five years, you will notice some deterioration. It could be the paint job, the roof, boiler, flooring, backyard, or any other structural component. Indeed, these are expected in any home, regardless of how well it was built. A home deterioration could range from mild to severe, depending on the elements that need repairs. Moreover, the deterioration of a property can cause immense embarrassment to the owner.
This is a reality many have had to face at some point in their lives. The reason is people equate the condition of a home to the owner’s personality. Therefore, if a house looks shabby and unappealing, the projection on the homeowner is most likely a negative impression.
5. To meet modern trends
For those who inherited old houses, this can be a real issue. Indeed, vintage can be a design theme for a house. However, if it looks too old, you may want to make a few retouches to modernise the structure. In this case, a home improvement becomes an ideal project to embark upon. Perhaps, the plan is not to change the entire vintage look. However, in replacing old doors, windows, light fixtures, sinks, among several other old installations, you would be redesigning the house to look tastefully updated.
To conclude, the extent of home improvement you want to be done will depend totally on the reasons you want one. While at it, remember to keep an eye on your budget, security, safety, and long-term appeal of the property.