Last Updated on November 29, 2022
Millennials are driving a massive wave of DIY home renovation. The main reason is that the housing supply has been low ever since the crisis in 2008, making many homes tough to afford for this generation. As a result, they tend to invest in older homes that require some updates to be modernized or liveable. To further save money, many homeowners in this group are completing projects themselves based on their knowledge or with help from the internet.
Initiating a home renovation project in Spring City, PA takes a lot of thought. Is this change necessary to make the home more comfortable or functional? What is the budget for this project? How much will it disrupt life while it is being completed? Will the final product be exactly what the homeowner imagined?
There are plenty of questions to ask yourself when you are considering how to improve your home through renovation projects. Let’s take a look at some of the pros and cons associated with remodeling to help you make your decision.
Pro: Boosting Home Value
In many cases, renovation projects can increase the value of the home. This is crucial for homeowners who plan to sell in the future and want to make as much of a profit as possible to make the next stage of their lives easier, whether that means a larger down payment for the next home or saving money for retirement. For example, if your Spring City home has a stucco exterior, you can update the siding with new material that will appeal to buyers and improve the efficiency of the property. By investing money now into useful changes, renovation projects can pay big dividends in the future once it is time to sell the home.
Con: Home Value is Not Always Affected
On the other side of the coin are projects that do little to move the needle in terms of the value of the property. Though many projects are obvious upgrades to the home and will make it more enticing for buyers, if you choose to go the DIY route, your work may not affect the value or even decrease it. To avoid making this mistake, you should consult with someone who understands the real estate market and what appeals to buyers so that you don’t spend a ton of money on a project that will devalue the property.
Pro: Refreshing Outdated Designs
Many people do not like the look or feel of an older home. Perhaps the style of the interior feels outdated or stale, making it harder for homeowners to fully enjoy their living experience. Renovation allows individuals to incorporate fresh and trendy designs into the space. It could be a new color scheme, different ways to use available space, or a specific design style like cottage or shabby-chic that appeals to you. By taking on this project, you have the opportunity to update the design style to a look of your choice.
Con: Limiting Potential Buyers
If you are a person who loves bold design decisions, then that could end up biting you when you try to sell the home. Say, for example, you choose a very specific aesthetic for your home’s interior, such as nautical. If many of the rooms, layout choices, and color schemes follow that theme, you may be limiting the number of people who would be interested in the property in the future. If you want to avoid making mistakes like this, learn more about basic design tips that can appeal to more people, and then add your own flavor on top of them.
Pro: Saving Money with DIY
If you are taking on a project yourself, you can save a lot of money by not paying a contractor to do the job. Labor costs can be high, but if you have the patience and knowledge to tackle the project yourself, you could save yourself some serious cash.
Con: The Buck Stops With You
If you do take the DIY route, there is the obvious risk of a poorly executed project. Even if you are very knowledgeable about renovation projects, contractors are typically packed with team members who specialize in various skills, including plumbers, electricians, and architects. It is difficult to be competent in that many disciplines. It may be wiser to spend the money and let the professionals handle the project.
Do Your Research
Before taking on any type of home renovation, you should engage in deep research as you plan. Consider what materials will be used. Think about how the project will affect the aesthetics of the rest of the home because it could cause a clash in styles. Determine your budget and figure out how to complete the project with your allotted resources and within a specific timeframe. The more research you do ahead of time, the more likely you are to complete a successful home renovation that boosts the value of the property.
