Are you interested in purchasing a house that you can renovate into your own creation? Do you want to take the charm of an old-school house and modernize it? If so, then you need to learn all that you can about renovating an old home.
Doing so can help you in a variety of ways. It can help you save thousands of dollars, give you a higher return, and even lower the cost of your utilities.
See below for an in-depth guide on why and how you should renovate an old property to get the maximum return on your investment.
Why You Should Renovate an Old House
At first, it might seem like the better/easier path to purchase a newly built property. Most people are attracted to the glitz and glamour of a new house. New builders show off the benefits of “custom-made” homes, modern amenities, etc.
However, renovating an old home might make more sense for your situation. Several benefits come with renovating a home, rather than purchasing a new one. This includes:
- Getting the maximum return on your investment
- Increasing the value of your home (if you ever choose to sell it)
- Save you money over the cost of a new build home
- Help you control the cost of your monthly utilities
- Reap the benefits of a community that’s already established
- Keep what you love and fix what you hate
What’s cool about renovating an old home is that you aren’t the only one that benefits from it. Your neighbors benefit from it because it makes their property more attractive to buyers. It can also encourage those neighbors to make changes to their properties, boosting the local community.
Buying a new house is like buying a new car in a lot of ways. The value will inflate, but the value of your amenities will never increase; there’s nowhere to go but down.
How to Inspect the Condition of Your Home
As with any other big project in life, you have to assess where you are to understand where you want to be. That certainly rings true when renovating an old home.
By inspecting the current condition of your home, you can see what additions can be made. You’ll understand what improvements should take place, how to prioritize them, and so forth.
First things first, you have to get a feel for where your home is with major aspects such as:
- Electrical systems
- Plumbing systems
- HVAC system
- Foundation condition
- The integrity of the walls, ceilings, etc.
- Roof’s condition
The improvements you mark for these aspects should be prioritized. For example, if you find cracks in your drywall or ceiling, you can contact The Patch Boys of DuPage County. They will patch everything up and have it looking as if the cracks never existed.
Also, don’t overlook the details. You can make some major improvements to the interior and exterior aesthetic with subtle upgrades. For example, switching out the current hardware (EX: doorknobs, cabinet handles, etc.) for new ones will instantly refresh the look.
The Tips to Renovating an Old Home
After everything checks out with the bones of your home, it’s time to make renovations elsewhere. See below for a few tips on how to get the highest ROI on your renovation efforts.
No, this isn’t a reference to your intelligence. By simply showing interest in renovating an old house, you’ve shown you’re one smart cookie!
Rather, this is an encouragement to install smart features in your home. That includes things like a new home security system, buying modern appliances, investing in mobilized window shades, replacing all bulbs with LED lighting, and so forth.
Not only does this increase the functionality and aesthetic of your home, but it also has some major eco-friendly benefits as well. These features make your home more energy-efficient, thus lowering the cost of your monthly utility bills in the process.
Maximize Space-Saving Features
Everything that can save you space, will save you space. Far too many homeowners consider blowing out a wall to create more space before they think of other, more practical ways to do so.
Truth be told, there are a ton of space-saving features you can purchase. You can install cabinets under your bed, convert your attic to a bedroom, install wall sconces in each room, or simply build shelves on the wall.
If your space is tall enough, you could also build a loft in your property; you’ll get the benefits of an extra bedroom without the cost of tearing down and building back up.
Integrate Color Psychology
Nothing makes a room look brand new like a fresh coat of paint. If you want to give the space in your old home a fresh start, it starts by painting the walls the right color.
That’s why we recommend using color psychology—the different emotions that each color gives off— to revolutionize each room. For example, the color yellow exudes a feeling of optimism, making it perfect for the walls of your at-home office or living room.
You could also go the minimalist route and paint a combination of neutral colors (black, white, and gray) to create a calm and serene environment.
Use These Tips for Renovating an Old Home Today
Now that you have seen an in-depth guide on why and how renovating an old home can benefit you, be sure to use this information wisely.
Take the time to browse our website for more articles on renovating an old house, as well as many other topics that you’ll find helpful.