Tired of a drab home? Here’s why making it fab could pay off
You love your humble abode and have lots of happy memories there, but it’s starting to look a little worse for wear.
Renovating your home could help add new functionality to suit your evolving needs, increase its resale value, or simply inject a bit of your personality into your own living space. Here are some reasons why you should consider renovating your home.
A Space to call your own
Whether it’s to get that open-concept kitchen or add display space for a movie memorabilia collection, many people renovate their homes to have a space they can look forward to returning to.
If your home is starting to look tired, renovating could give it a more up-to-date look that may help increase its value – and give you a place where you’d be happy to hang your hat.
It may even benefit your social life – after you’re done sprucing up, you may end up inviting more friends and family over for dinner and drinks.
Say you want an evolution?
Sometimes, renovating is about getting your house to work better for your evolving needs.
For instance, if you’re expecting a new addition to the family, you may want to install new cupboards in a spare bedroom to prepare for Junior’s arrival. Or, if your eldest is moving out, you may want to convert his or her bedroom into a study.
Sometimes, it’s also about making your home more efficient. If your electricity bills are getting a little high, it might be time to upgrade your ageing air-conditioners to more energy-efficient models, or switch to light fixtures that use energy-saving bulbs.
This would also help reduce long-term expenses so you can set aside more savings.
Putting safety first
This may not be the most exciting reason for a home renovation, but ensuring your house is safe for your family is another compelling reason for renovating it.
It could involve fixing faulty wiring, patching up leaks from the ceiling or shoring up a foundation that is starting to crack. There are likely to be more problems the older your home is, so be sure to look out for danger signs if your home is getting on in age.
Even if you don’t need to change any fixtures, paying for a professional inspection – to check for gas leaks for instance – could be a timely safety boost and offer added peace of mind.
Taking care of the nitty gritty now could also help protect your home’s resale value – it will be harder to get your asking price if your home looks like it’s way past its prime.
Best face forward
First impressions count, and a well-executed renovation can pay off handsomely.
If you’re planning to sell your home in the next few years, renovating it professionally is a good way to wow prospective buyers. If your home’s fixtures are in good condition, prospective buyers will have less to renovate and can move in faster.
Factors like these can help you get a potentially better price when you put your home on the market.
This also applies if you are looking to rent out an investment property. A house that looks new and has fittings that are in good condition can help your earn more in rental income – and can potentially help offset the cost of your renovation.
Remember to avoid design themes that are too niche, so your home has as broad an appeal as possible.
Pay attention to your renovation budget. Spending a small fortune on renovation does not mean that your home’s value will increase by a corresponding amount, so you’ll need to strike a balance between your renovation budget and the potential returns.
Fund your dreams with HSBC Personal Loans
A personal or renovation loan to spruce up your home could be one way to help you achieve your ambitions. While taking a personal loan should never be about quick, easy cash, it may be a smart choice if it helps you make your long-term goals a reality without compromising on your existing lifestyle.
With HSBC Personal Loans, get the extra cash you need to achieve what matters most to you. Enjoy low interest rates, one-minute approval in-principle and fixed monthly repayments of up to seven years.
Find out how you can fund your dreams with HSBC Personal Loans.
This story is done in collaboration with Mediacorp Brand Studio and first published on CNA.Asia.