Given the recent happenings in the property market and the world economy in general, you could be forgiven for believing that now is not the best time to be spending money on property. But there are actually a handful of really great reasons to invest in the home you live in, and here they are:
1: Saleability of your home
Even minor home improvements can vastly improve the saleability of your home. You may be thinking that this doesn’t really matter unless you are about to move – but the costs of a few small improvements can actually be very low and having a highly saleable house will help ensure that you can sell up quickly if you ever need to (new job, redundancy or starting a family for instance). A fast sale will always save you money.
2: Nicer to live in
At the end of the day, you have to live in your home, so you should never undermine the psychological value of improving your living environment. Small things can have an impact on how you feel and anything from a fresh lick of paint to new kitchen can make you feel more positive about your home.
3: Value of your home
If you have anything done that really needs doing, you will generally add value to your home. This will of course improve your equity and the value of your asset. It will also put you in a stronger position to get a better mortgage rate if you wish to re-negotiate at any time – which could save you a lot of money.
4: Save money on bills
Any renovations that make your home more efficient (such as insulation, new windows etc…) will save you money on household bills, as well as adding value to your house. As fuel bills are on the rise, now is the time to reduce your dependency.
5: Longevity as a suitable home
Major renovations such as an extension, a loft conversion or fitting in an extra bedroom are a great way to add value and might well give you a profit over the actual cost. But on top of that, you can often increase the longevity of the house as being suitable for your family. If instead of moving you can improve your existing property, you can avoid a lot of costly things, such as estate agent’s fees, solicitors, removals firms, surveys etc… This alone can save you thousands of dollars.
This post was written by Alex from central scotland joiney. Thanks for reading.