Homeowners renovate their homes for a variety of reasons. Renovations can increase the value of a property and make homes safer and more comfortable for their occupants. Improvements also can be made to stay current with the times or to give a home a new vibe.
Statista projects $510 billion will be spent on home improvements in 2024. The home improvement market is generating significant revenue. In fact, nearly a quarter of Americans opting to renovate their homes will spend an average of $10,000 on their projects. According to a Home Stars Renovation report, 8% of Canadian homeowners who have renovated have spent more than $20,000 on a home improvement project.
Kitchens and bathrooms often get the most attention when it comes to home improvement. However, every room and space in a home may need a renovation at some point, and the following are five signs it’s time to renovate.
1. AGE: The National Association of Home Builders states that 50% of U.S. homes are over the age of 40. That means that age alone could dictate a need to renovate, particularly if some materials are original to the home. For example, asphalt roofs typically last 25 to 30 years, while window frames can last 20 to 50 years depending on how well they have been maintained.
2. INCONVENIENT LAYOUT: Some homeowners scratch their heads when faced with awkward floor plan layouts. While one may live with the inconvenience for some time, typically a floor plan that isn’t working for the homeowner is a major driver of renovations.
3. OUTDATED LOOKS: A home can look dated even if it is a relatively recent build. That’s because trends change quickly. For example, dark, cherry cabinets that were popular just a little while ago have now been replaced by lighter color palettes. Homeowners whose homes do not match the looks emulated in design magazines may consider a change, particularly if they’re planning to sell soon.
4. DETERIORATION: Signs of water, storm or structural damage should be addressed as soon as possible. Any deterioration should be a strong indicator that it’s time to renovate.
5. EFFICIENCY: Escalating utility bills could be indicative of an inefficient home. Homeowners can conduct energy audits and then improve the areas where energy loss may be occurring, such as windows, doors, siding and insulation.
Homeowners can renovate their homes when they see fit, but various signs may warn that it’s time to consider updating or remodeling a home.