As a mom who has been in her home for a while now, I know how easy it is to put off major renovations and improvements until they become absolutely necessary. But whether you’re thinking about selling your home or just looking to age in place comfortably, there are a few reasons why you may need to consider some major home adjustments sooner rather than later.
When you first purchase your home, your mind isn’t yet going to the major home improvements you might need to make down the line. However, the longer you live in your home, the more apt you are to need to make major home adjustments. Whether you’re eventually looking towards selling your home or planning to age in place, there are a few reasons that major renovations need to be done. We’ll discuss a few of those reasons and why in the blog below.
Aging In Place
In today’s world, the elderly no longer make plans to go into a local nursing home when they’re older. Instead, they prepare their homes so they can age in place. Whether you’re doing this yourself or trying to make an elderly parent’s home more senior-friendly, there’s a lot to do.
Making a home senior-friendly can often take major renovations, costing you a ton of money. This is sometimes money you can’t afford to spend. That’s where taking out an equity loan on your home comes in.
First, look into alternative ways to get equity out of your home without refinancing. You can easily go with a home equity loan or get into a sale-leaseback agreement. It’s important to note that your home equity is one of the most valuable and largest assets you have, so make sure you know what you’re getting into before deciding to use it for home improvements or anything else.
Smart Home Technology
If you purchased your home more than a few years ago, then it’s probably not up-to-date and certainly doesn’t feature smart home technology. From smart technology doorbells to security systems and from smart entertainment hubs to smart leak detection, there’s a lot to be said for going smart with your home.
Smart home tech can make your life easier or even add to the value of your home. Many buyers today consider smart home technology some of the most important features to look for when buying a home. If you want to sell your home in the future, then going smart with the house is a step in the right direction.
Exploring Fitness Options
COVID-19 and the subsequent lockdowns accomplished two things for many homeowners. It showed them they needed to be serious about their health and fitness and convinced them to explore their fitness options.
Using a home equity loan to build a home gym is extremely popular these days, and it’ll also add value to your home. There are many benefits to having a gym in your home, including the fact that going to the gym is a nightmare. You must worry about Covid, crowds, and even dirty, sweaty equipment. If you create your own home gym, you don’t have to worry about anything.
Should You Use Your Home Equity?
The answer to this question is a personal one. If you don’t have the money in the bank or another way of getting the funds to make the home improvements needed, then it’s the best way to secure the money. However, don’t just jump into the first home equity solution you find. Instead, do your research, explore all the alternatives, then make an informed decision on which is the best choice for you.
Home improvements are a part of life. Whether it’s preparing to age in place, exploring your fitness options, or adding value to your home. Just do your due diligence to determine the best way to secure your funds, and go from there for the best results.
Leave a Reply