Buying a home in the Chicago area is generally expensive. Even the least expensive homes can cost tens of thousands of dollars, forcing you to seek out financing options to help cover the cost. Paying back this loan may result in monthly payments that must be maintained to keep the home. Once you add in utilities, insurance, and property taxes, the cost of owning a home becomes a little intimidating.
Once you own a home, taking care of it is crucial. Whether that means keeping up with maintenance so that your home’s systems keep functioning or upgrading old elements that no longer work effectively, this is all part of caring for a home.
Avoiding costly repairs or issues with the home can often be avoided by making the right upgrades, especially if you live in an older house. Let’s talk about the reasons why making upgrades to your Chicago home is so important.
Saving on Utilities
Older homes tend to have appliances that require a lot of resources to run. These houses also could be made from inefficient building materials. Even those that were built well face wear and tear that reduce their efficiency. The cost of using water, electricity, gas, and other utilities can result in high monthly bills, especially if the building is inefficient for the reasons stated above. The right upgrades can prevent wastefulness of those resources, which can keep your utility bills low. Eventually, investing in big projects can result in long term savings and a rising property value. For example, hiring a siding contractor in Chicago to update a deteriorating exterior could end up reducing utility costs significantly.
Improving Quality of Life
Your main motivation for investing in home improvement could also be improving quality of life for yourself and your family. Maybe your family situation has changed and you need to convert an extra room into a nursery. Perhaps you are hosting more events and an updated floor plan that is more open would be beneficial. If the fixtures in your bathroom are not getting the job done, you can invest in updated fixtures that make hygiene much easier and faster for a busy lifestyle. Changes that make your living experience more comfortable are reason enough to invest in home improvements.
Avoiding Costly Repairs
Normal wear and tear can ruin a lot of materials. Also, accidents can happen that ruin the functionality of certain elements in your home. Failing to upgrade worn out fixtures or old appliances could result in more costly repairs in the future. Ignoring the problem is not a solution. For example, electrical issues can be complicated, so ignoring them could lead to far worse dangers that will require the assistance of a trained electrician. That bill could be quite expensive, so it is better to upgrade those problem areas before they cause real damage to the home.
Increasing Property Value
Buying and selling homes is highly dependent on property values. The better condition a home is in, the higher its property value will be. Home improvement can increase the value of your property, eventually resulting in more profit when it comes time to sell. Most upgrades can provide homeowners with a 70% return on investment at the time of sale.
Some changes are more valuable than others, so that ROI can fluctuate. However, these changes also make your home more appealing to buyers. It is also possible that some upgrades will become part of the negotiation process with a buyer. They may agree to a higher price if you are willing to perform a certain upgrade or repair.
Making You a Better Neighbor
While this benefit is more intangible than the others, it is still worth mentioning. Home improvements show that you care about your property’s functionality and aesthetic. Typically, home improvements make the property look better and raise its value. This also can increase the value of your neighbors’ homes. A neighborhood is a community whether you interact with your neighbors or not, so investing in home improvements can be mutually beneficial for the value of the street and its residents.
Don’t Forget about the How
When planning a home improvement for your Chicago home, one of the most important steps is considering how the project will be completed. Small upgrades could fall under the DIY category if you feel competent enough with your skill set.
However, bigger projects are best left to the professionals. Although it may be frustrating to deal with contractor timelines and communication to determine the direction of the project, experienced hands are more likely to give you the end result you are hoping for. Remember to ask “how?” before you pull the trigger on a home upgrade.
