Building, buying, or renovating your home this year, comes with some unique challenges. Many of us are rethinking our spaces as we battle with local lockdown restrictions. This is leading to a surge in renovations and movements towards expanding our homes to better suit these new circumstances.
No matter what your reasoning is for a home update, there are a number of benefits that you can take advantage of as a property owner looking to update your house plan or build something new altogether.
Style upgrades that last.
Homeowners are finding solace in the backyard. Studies have shown that time spent outdoors can improve your mood, decrease the feeling of stress, and even improve your heart health and blood pressure, given time. Many are seeking out Bradenton pool builders in order transform their home design with the inclusion of a new pool or spa. Hiring a contractor with years of experience in this area is the best way to ensure a high quality custom pool is installed, and the completion of the job in a matter of days or weeks. With a new pool replete with luxurious pavers and a decked out backyard you can take advantage of the sunshine (and heat) that comes with the season, right away.
Another popular design choice is in hardwood flooring. Builders are increasingly installing these fixtures in homes across the country as they look beautiful, and can last decades without much legwork to keep them clean and in good order. Unlike with carpet, floor plans that make use of hardwood are taking advantage of a durable material that is difficult to stain, won’t wear down with time, and can simply be re-sanded and sealed after years of pounding beneath your feet, in order to return them to a new state of vibrancy. Paired with area rugs, a hardwood floor is the perfect luxury piece to round off your house designs and create a timeless and comfortable home.
Increasing the value of your home with strategic moves.
Owners of houses often take for granted the positive offset that a renovation or luxury home design can have on your overall finances, above and beyond the simple mood and comfort stimulus. Home designs, color choices, and style inclusions can represent the difference between a lower price, mid-range valuation and a high net worth, new home. A strategic remodel is perfect for revamping your experience in the home, but it also can add considerable financial value to the bottom line. As such, your house is both your greatest financial asset, and the place that you need to customize in order to effectively relax and recharge each day.
Another space where homeowners are squeezing out more value is with the leveraging of offset accounts. When first approaching this concept, many will ask ‘how does offset work?’ The opportunity for positive offset here is immense, so getting to know this type of savings scheme is a great asset to you as a homeowner. Offset accounts act as a reduction to your overall mortgage debt which in turn, acts as a component piece of your mortgage account which you can deposit funds into, similar to with a savings account. As an example, instead of paying $2,000 off on your mortgage, you pay $1,500 and put the remainder in an offset account, it reduces the interest accruing amount of your mortgage by the full two-thousand, while giving you access to that part of the capital as if it were in a traditional savings account. Instead of earning interest in the typical manner, it reduces the amount of debt you owe interest on, effectively ‘earning’ a negative interest rate equivalent, to the rate you pay on your home loan. This trend in homeownership is a powerful opportunity that more and more borrowers are taking advantage of in order to save themselves tens of thousands of dollars over the long run.
Improving your home, and the finances in its orbit, is a responsibility of ownership. But it can be incredibly simple and rewarding with the right approach.