One of the most significant benefits of a whole house remodeling project is its consistency. With a single contractor like ECO Minded Solutions, for instance, you can be sure that all materials will coordinate with one another. Another advantage of hiring the same tradespeople for the entire project is that you will have a consistent look throughout the home. Choosing certain materials years apart can be challenging to match. Whole house remodeling eliminates this pitfall and ensures that your new home will reach the rest of your home’s design.
Lower Maintenance and Utility Costs
While remodeling a single room or the entire home can be expensive, it’s far cheaper than building a new one. Remodeling a whole house can save you 20 to 50 percent over building a new one. Depending on the level of remodeling, the materials used, and structural changes, a house remodel can be as little as $16,000 to $28,000, with a range of $100 to $200 per square foot.
Moreover, new homes have lower maintenance and utility costs than older homes. Because new houses are typically better-built, large systems are in better shape than older ones. Furthermore, more recent houses are built closer to today’s building codes. For example, a house built in the 1930s may have outdated wiring, but a new one will have modern wiring. Therefore, it’s best to invest in more contemporary homes rather than old ones.
Home improvements can increase the basis of your home, extend its useful life, and adapt it to new purposes. This can include interior and exterior changes, plumbing systems, landscaping, insulation, and other improvements. You may also be able to deduct the cost of constructing these improvements on your taxes, and a higher basis will help you avoid paying taxes on the gain you make on the sale.
For instance, if you put in a new roof, you can claim accelerated depreciation or ADS. A full explanation of accelerated depreciation can be found on the IRS website, or you can contact a tax professional in your area for further details. Other energy-efficient improvements may qualify for accelerated depreciation, which can be used for solar panels and geothermal heat pumps. In addition, double and triple-paned windows can reduce your utility bills, and many newer homes already have these.
Many home improvement projects can improve the appeal of a home. They can also make it more energy efficient. But you should consider if those improvements will make it worth it when you plan to sell. A study from Remodeling Magazine provides an overview of cost vs. value reports. The findings are impressive. You may even make your renovations pay for themselves.
First, know your home’s ARV. This is the value the house would have after the renovation is completed. Your ARV will determine your borrowing power for the renovation project. Remember, ROI is not the same as value added. Use a home value estimator website to get an accurate estimate of your home’s ARV. If you plan to sell your home, hire a listing agent to perform a comparative marketing analysis.