43% of Americans dream of living in a bigger home, often due to outgrowing their current property. This can happen for many reasons, from having children to taking in elderly parents that need care. But sometimes upgrading your existing home, rather than moving, makes more sense. In that case, check out your options over at: https://kitchensacramento.com/ultimate-home-remodeling-renovation-guide/.
However, more people are looking at extending their current homes to gain space as opposed to moving.
There are many benefits to doing it this way, including avoiding the stress of moving, staying in your current community, and not having to leave behind the rooms that you’ve already renovated and invested in.
Improvements that work for you and add value
Adding an additional bathroom to your home can relieve stress in the morning when everyone’s rushing around to get out of the door on time.
Plus, you can expect to recoup 80-130% on your investment in house value. Many people want a bigger kitchen so that they can comfortably cater for their family and have space to store their groceries and appliances without feeling like they’re spilling out of the room.
Expect to recoup 60-120% of your investment if you extend and remodel your kitchen; just be sure that it fits in with your home’s style. Finally, reinventing a current space is often a cheaper – but just as effective – way to gain space.
This can be done with an attic, basement or garage, and is a great way to gain an extra bedroom or a much-needed living space.
Refinance your mortgage to fund your project
There are many different ways to fund home improvements.
Mortgage refinance can offer shorter loan terms and lower interest rates than many other loans, so it’s a good place to start when considering your options.
It works by using your home’s equity, which means it’s essential to get the right lender so that you don’t end up losing out financially in the long run. If you have any other loans, you may be able to merge them into one with a fixed interest rate when you refinance.
There are lots of options to suit everyone when the focus is extending your family home.
Other ways to fund your home improvements
Some other ways to fund your project are using credit cards or home improvement loans, and saving up the cash needed.
Saving up is usually the most cost-effective way, as there’s no interest or monthly repayments to think about, but not many people will have the amount saved that they’ll need, and extensions and renovations usually can’t wait for a growing family.
It’s also difficult to determine exactly how much is needed, as projects can often go over budget. Credit cards can be an effective option if managed well, as many give you rewards or cashback.
Similarly, loans work well if you know that you can afford to make the monthly repayments without any issues.
Improving and extending your home usually adds value, as well as making it work for you and your family’s needs.
You also don’t have to go through the stress of moving, can get your home just the way you want it, and can stay in your current community where you’ve built up relationships with neighbors and other families.