If you recently purchased a home in Florida, congratulations! It was likely not the easiest endeavor, given the hot seller’s market and the lack of available inventory. When this is the situation, you can end up with a home that may not check all the boxes for you – and it may need renovation. But even if you’ve been living in your current home for years, you may be tempted to undergo a remodeling project on a house you once loved – from updating a kitchen to designing a whole new bathroom.

home renovation Sarasota

If any of these situations apply to you, it may be an excellent time to start your renovation.

  1. You are not going anywhere anytime soon: If you have no plans to move and look forward to many more years in your family home – your renovation plans are likely justified. People who renovate a home they plan on keeping typically do so to make the home more enjoyable to live in – whether that is turning a spare office into a media room, expanding the kitchen and adding a breakfast bar, or knocking down a wall between bedrooms to create a larger space. These renovations change the home so that it better reflects your lifestyle. However, you may not want to make these significant renovations if you are planning on moving within several years, as you won’t get to enjoy your changes for very long. Very few home improvement projects offer an ROI that would make it worth it.
  2. You have plenty of home equity: Most Florida homeowners are enjoying soaring home values, which has provided most with a growing pile of home equity. Equity is the percentage of your home that you own, and it is determined by subtracting your mortgage balance from your property’s market value. Homeowners can borrow against home equity, so if you are considering renovating your home, you may be able to finance it easily. A homeowner can take out a home equity loan, which operates as a standard loan – a determined amount borrowed and paid back in regular installments. Another option is a home equity line of credit (HELOC), a credit line utilized as the need arises. HELOCs offer more flexibility than traditional loans, as you can borrow as much or as little as you need within your limit, based on the project’s progress.
  3. You know why you want to renovate: Except in rare cases, remodeling your home to get a higher price when you sell is a losing strategy. Very few projects will give you a 100% ROI – so if you spend $20,000 on a new kitchen, but it only adds $10,000 in value to your home, you are better off just leaving the kitchen as is and taking $10,000 off the price of the house. As a general rule of thumb, a renovation should be, at least in part, for your enjoyment. Of course, some projects may be necessary, such as bringing a home up to code or fixing a leaking roof. And you may wish to do a moderate renovation before listing your home, such as replacing kitchen cabinets to fixing your landscaping to improve curb appeal. But as a general rule, spending a lot of money on a renovation the new owner may not even like is not a good motivation.

Whatever the scope of your renovation, it is imperative that you trust local professionals to do the job right. West Coast Design Build Florida has the expertise and vision you need to help with your kitchen, bathroom, or outdoor living space.