3 Reasons to Buy instead of Rent a Home

Credit:  Ketut Subiyanto - Pexels Buying a home can feel like a big, scary decision when compared with renting. However, it is crucial to consider the long term financial consequences of renting as well as the benefits of buying a home when weighing both options. This article outlines the 3 major reasons why buying a home may be a better choice for you than renting.   Establish wealth: Credit:  RDNE Stock project - Unsplash Buying a home is almost always a better long term financial decision then renting. A major reason for this is that owning a home allows your payments to go towards building equity, as opposed to paying rent. Renters receive typically no return on their costs, while a homeowner will receive a large return if they choose to sell their home. Homes also have the possibility to appreciate in value (around 3.5% per year nationally), making them a very good investment. There are also tax breaks available to make owning a home more affordable.   Personalization: Credit:  Anastasia Shuraeva - Unsplash While renting, you most likely will have to follow a lot of rules about what you can and cannot do with your living space. Painting a room, changing some tile, or even transforming an office into a nursery are all things you will likely not be able to do in a space you are renting. With owning a home comes the freedom to do whatever you want to personalize and make your home perfect for your lifestyle and preferences.   Privacy and Autonomy: Credit:  Karolina Grabowska  - Unsplash Owning a home comes with much more privacy autonomy then renting. No more sharing a wall with a loud neighbor, and the ability to do whatever you want in the privacy of your own home are major pros to homeownership. 

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Should I add a garage or a room? Best Additions for Resale

Credit: Blue Bird - Pexels When looking to update your home to sell, it is very important to consider which additions will have a high return on your investment, and which sellers will not be willing to pay extra for. Many homeowners look to add more space to increase the value of their home, either through adding or finishing a room, or adding or enlarging a garage.   Adding a Room: Credit: Andrew Neel - PexelsAdding a room, or finishing an area of the house into another room, can substantially increase the resale value of your home. Finishing an attic or basement into a bedroom or office will add square footage to your home, and open it up to larger families. This is the same case with adding a completely new room, although finishing an existing area can be less expensive and have a higher return on investment.    Adding a Garage: Credit: Loi Bui Trong - Pexels The addition of a garage or enlarging an existing garage will typically add less value to your home then adding a room will. In some cases, for example in an area with little to no street parking, the addition of a garage will have a larger impact on resale value. However, in most instances, garages have more limited uses then indoor rooms and therefore will not have as big of a return on investment. If your home has an existing garage you are thinking about expanding, you may want to consider getting a new garage door to boost curb appeal, which is a less expensive option with a much bigger impact.  

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Top 5 Home Improvements That Boost Value

Credit: Zac Gudakov - Unsplash As tight inventory and higher interest rates impact affordability, many current homeowners are staying put in their homes. Instead of looking elsewhere to find their dream home, most homeowners (65% according to a recent Thumbtack survey) are opting to create it where they are. That means home renovations are top of mind. We’ve compiled a list of the Top 5 Home Improvements you can do to boost your home’s value.   Energy Upgrades: Credit:Raze Solar - Unsplash Improving your home’s energy efficiency has multiple benefits, from utility cost savings to adopting a greener lifestyle. With high inflation and increasing concerns about climate change, homebuyers are considering energy efficiency as a benefit in their home purchase. Also, there are government subsidies and tax benefits that can take some of the cost burden off of homeowners.   Some upgrades to consider include: Adding insulation to attic spaces Replacing old and/or drafty windows Switching to LED lightbulbs Installing low-flow toilets and shower heads Installing an electric charging outlet for electric vehicles Installing solar panels (check in with state guidelines for cost vs. benefit as each is different) Replacing old appliances with Energy Star certified appliances Redo landscaping with xeriscape or more drought resistant landscape that requires less maintenance and watering   Enhancing Outdoor Spaces: Credit: Collov home design - UnsplashThe COVID-19 pandemic reshaped the way people utilized and enjoyed their homes. During lockdowns, some homeowners saw an opportunity to maximize their space, both indoors and outdoors. This led to a rise in patio/deck additions and landscape overhauls. Although lockdown restrictions are gone, the trend of enhancing outdoor spaces is not. Consider adding a pergola to a patio for a covered area to enjoy meals under. Wood decks on average have a 90.2% ROI, making them an excellent choice when looking to invest in your outdoor space. Need more budget-friendly ways to boost value without breaking the bank? Consider adding potted plants, cafe string lights, and nice patio furniture to create an inviting outside oasis.   Minor and Major Bathroom Remodels: Credit: Hemant kanojiya - UnsplashBathrooms have long been a go-to when it comes to home improvements. These smaller spaces can be fairly inexpensive to upgrade while delivering a boost in your home’s value. Minor bathroom remodels on average have 102% ROI, meaning for every $100 you spend in upgrades, you’ll get $102 back. A simple fresh coat of paint and new light fixtures can transform your bathroom for a relatively inexpensive amount. These are also projects homeowners can do themselves, saving them more money and increasing their investment. Current trends stem from the pandemic, where homeowners were looking to add a bit of tranquility to their homes. Spa-like amenities, including relaxing soaking tubs, stone surfaces, and steam rooms have gained popularity over the past few years.   Minor and Major Kitchen Remodels: Credit: Roam in color - Unsplash Kitchens are the heart of a home. As trends change, they have become more than just a place to prepare meals. They are a place to gather, do homework, take Zoom calls, and entertain. This need for versatility is making homeowners look at the bigger picture to expand their kitchens into living spaces and add more seating options. These upgrades are some of the most costly in home renovations, as kitchens are regularly used and need more durability in finishes and design. Quality cabinetry with thoughtful storage solutions, smart appliances, and elegant surfaces are top choices when it comes to remodeling with your home’s value in mind. Kitchen renovations tend to have a 90-92% return on investment.     Boost in Curb Appeal: Credit: Zac Gudakov - UnsplashOne of the best ways to boost your home’s value is boosting its curb appeal. This long-standing strategy in real estate has helped many homeowners maximize their home’s presence on the market and ultimately their profit when selling. Your home’s curb appeal is its first impression, so take care to make it a good one! The extent of your exterior upgrades can range from simply adding potted plants or replacing exterior lighting to more significant structural changes/additions (like adding a front porch). Clean siding (whether power washed or freshly painted) instantly freshens up the exterior. Consider painting or replacing your entry door to modernize and liven your curb appeal. Neat landscaping and well-designed gardens also add value to your home. Consider consulting a landscape designer to complement your home with a beautiful yard!

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