Home really is where the heart is. It’s where we spend time with loved ones. It’s where all of our possessions are and where we feel most relaxed in the world. And so when your home starts looking a little rough around the edges it can be a source of stress. We need a place where we feel happy and comfortable to relax and rejuvenate. Then get back out in the world to handle whatever life throws at us. Have you truly outgrown your home or does it just need making over? Here are some things to consider.
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Think about what exactly needs to be done to your property to make it suitable for your current lifestyle. Would a cosmetic makeover do the trick? A fresh coat of paint everywhere wouldn’t cost much, and some new flooring would bring your entire home up to date. A tired looking kitchen could be given a revamp by painting cupboards and tiles, switching out drawer handles and laying down some vinyl flooring. If a few simple changes will make you fall back in love with your home, then you’ll be able to do it without spending much. Even just organizing and decluttering your home could make all the difference, if you feel that you need to move as you’re running out of space. Try streamlining what you own first and implement better storage systems. You can live a more minimal and happy life without the need for more space.
Alternatively, you might feel that your home needs a complete renovation. Maybe you’ve outgrown the space and need additional bedrooms due to having children or starting a business from home. Maybe you need to update things like the wiring, plumbing, windows, kitchen and bathroom. You could use a financial adviser like Betterment to find out if taking on this kind of work is feasible for you based on your budget. You could take out a loan, or even remortgage. Otherwise you could use savings. You need to know whether the money spent here will equal a boost in the value of your home. Sometimes you can hit a ceiling price, meaning no matter how much you spend, your home will only ever be worth a maximum figure. If you plan on selling, even way later down the line then you want to know that the money you’re putting in will be repaid. If it won’t be, then moving to another house could make better financial sense.
As well as your budget, any larger renovation is going to take time and energy. If you have young children or have a very busy lifestyle, are you prepared to live on a building site over the weeks and months it will take to get this done? In some cases it can take the best part of a year to get everything how you want it. While moving house is no walk in the park either, it can sometimes be quicker than extreme renovations (such as extending, new roofing, new layout and more) and also allows you to start from scratch. This fresh start can be incredibly valuable. It can be a catalyst for you to be able to live your best life.