If you own a home in the Columbus area, you might be tempted at times to see if you can boost the property value of it. While home improvement projects can always be worth it if you are living there and want to raise your quality of life, under certain circumstances, they can actually pay for themselves.
There are three different scenarios where having a home improvement Columbus business work on your home can possibly make you more money than you spend. The first scenario is contingent upon the kind of mortgage you have and if you can renegotiate it. If you are able to spend for instance twenty grand on your home improvements and boost your home value by fifty grand, then you might be able to restructure your mortgage so that you have that new thirty grand difference available to you as a line of credit. That can be used to pay off loans, put a few people through college, or buy a car or two.
The second scenario is when you are planning on selling your home. In these cases, you want to ask your home improvement Columbus business for their specific suggestions about what might boost your property value the most. A landscaper, interior designer, and realtor should also be consulted, but if your contractor is used to working with flippers, he’ll have some good advice and wisdom to share with you on his own. What you want to do here is not create a home you want to live in, but drive up the market value as much as you can so that you can ask for more when selling it.
The third situation is if you decide to rent out part of your home. You might have your home improvement Columbus provider finish your basement into a separate apartment you can rent out, or you might even choose to move into it yourself and rent out the primary space within the house. Either way can mean having a lot of income to help you out with your mortgage and utilities. If your home has a space above the garage or a mother-in-law suite to one side, you have other possibilities that might could get turned into rental spaces.
While those are the three scenarios where home improvements might directly lead to a case of spending money makes you money, there are other possibilities that can also be financially fruitful in the right circumstances. If you do any kind of woodwork, welding, or other crafts, creating a dedicated work space to the side or in the backyard might provide you a safe area to work on projects you can sell as as a side income. Likewise, creating a somewhat independent office, split off from the rest of the house, might give you room to start a work-from-home business that gives you a chance to start a second income stream, possibly even eventually replacing your dreaded day job.
Call Columbus Bath & Basement Remodeling today at (614) 310-4999 or send us an email today and our team will help you out.