Things to Consider When Undertaking a Home Renovation

If you’ve saved for years and at last achieved your dream of home ownership, congratulations! If your head is spinning with home improvement plans, good luck! But before you begin, here are a few things to consider while formulating your plans:

-           Some changes can have a positive impact on your NC homeowners insurance costs; for example, re-writing that old house may reduce your premium; so could having additional security and fire safety features installed. Other changes may increase the risk for the insurer – for example, adding a backyard swimming pool increases the perceived risk of someone being injured on your property.

-           It’s natural to want to make your home a comfortable place for your family, and one that reflects your lifestyle and interests. Before you embark on a major makeover of your home, consider whether you are likely to recover the cost of this work when the home is sold. Although you may have no intention of selling your home in the foreseeable future, it’s important to consider market appeal. The market appeal of a home is strongly influenced by the quality of other homes in its immediate vicinity.

-           Rather than embarking on a major makeover as soon as you move in, consider ‘sitting on it’ for a while as you assess the good and bad points of the home. You’ll be in a better position to assess the most effective types of improvements.

Once thing it could certainly pay to remember is that when you do any major work that increases your investment in your home, the re-building cost of your home is likely to have changed too, so don’t forget to adjust the cover level on your home insurance policy.