If you are a homeowner, you may have already considered upgrading your current residence. Many others have already done so, and statistics indicate that the home upgrade market will hit $20.4 billion before 2023. With one more month to the end of the year, if you’re considering a home upgrade, here are some things to influence your decision.
The property has appreciated significantly
This is often a great advantage to homeowners who live in good neighborhoods. Such locations always receive immense attraction because buyers are willing to move there. The most common reason for property appreciation in these places is the proximity to amenities like hospitals, schools, parks, business centers, and so on. If you are fortunate to live in a good neighborhood, you will have to decide whether to sell your property and upgrade to a bigger home.
The exciting thing about this is that the offers for your property are usually higher than you may have imagined. For many homeowners, this will be a prime time to sell and profit from their property. Admittedly, this happens in the cities and suburban areas. So, selling might be your best bet when you have a good buyer, your mortgage is paid, and your house is in excellent condition.
After a storm damage
Many homeowners have admitted to undertaking major home upgrades after storm damage or extreme weather. Some took the opportunity to replace their roofing and to replace or reinforce windows and doors. In such situations, many use the opportunity to weatherproof their homes with installments like hurricane impact doors for your home. They will come of immense use if you live in a hurricane-prone area of the United States, like Florida, Texas, Louisiana, North Carolina, and Alabama. It may seem too reactive to only embark on an upgrade after storm damage. However, it makes sense because such damages expose the weakest spots in and around your home. These are areas you may not have noticed before the storm. Indeed, sometimes, bad situations are disguised lessons.
Visible signs of deterioration
This is one of the telltale signs that your home needs an upgrade. Cracked floors, leaky roofs, water damaged basements are some signs of deterioration in many homes. Sometimes, mold in obscure places in the home may warrant the need for an upgrade. Admittedly, every house will deteriorate at some point, making home improvements unavoidable. The problem, however, is when you see signs of deterioration less than five years after moving into a newly-built home. Experts say this can raise concerns about the quality of construction materials and questionable building codes.
If this is your peculiar situation, the first question is whether you hired a professional to thoroughly inspect the property. Exercising due diligence in the early stages of the purchase would have saved you the headache of spending so much on repairs. On the contrary, a well-built house may show minor deterioration after ten years. This is, however, dependent on good maintenance practices.
