With many Greater Boston homeowners having seen the value of their investment rise since the dark days of 2008–2012, now may be an excellent time to put some money into home improvements
The key is to make smart decisions. For example, “McMansions” aren’t exactly in vogue, so you should be wary of spending on luxury additions if you’re looking to recoup your investment. Instead, aim to remedy your home’s shortcomings. Start by asking questions like these:
• Can you add on a much needed bathroom?
• Can you create more living space in the attic or basement?
• Can you improve the functionality of your kitchen?
• Would a mudroom ease congestion and help keep things organized?
Here are some solid reasons why now is a good time to remodel.
Live for the moment.
The right home renovations can certainly add long-term value. But deciding whether or not to proceed shouldn’t just be an economic decision; emotion should come into play, too. Think about how much you’re bound to enjoy the home improvements you make. The expense and inconvenience associated with a remodeling project will all be worth it once you’ve spent a few mornings in your remodeled kitchen or afternoons on your new back deck.
Interest rates are low — for now.
Today’s homeowners have the luxury of accessing low home-equity interest rates to finance remodeling projects. How long will it last? No one knows exactly when the Federal Reserve will raise rates again, but that could certainly be an outcome of a strengthening economy.
It’s a safe investment.
Those who were burned by the crash of 2008 or earlier years may always be wary of investing too heavily in the stock market. Investing in your home — at least in this area of the country — is probably a safer bet.
It can put money in your pocket now.
Taking steps to improve your home’s energy efficiency (e.g. installing insulation or a high-efficiency furnace) will put money in your pocket for years to come via lower utility bills.
Your home probably needs it.
All homes need regular maintenance and repairs. Now is the perfect time to finally address the roof that leaks occasionally or basement that gets wet during heavy spring showers.
One final note: The remodeling industry is experiencing a major shortage in qualified carpenters and other tradespeople. So whether you hire Custom or someone else, be sure to do proper diligence — including asking who will work on your project — before making a commitment.