Real Estate & Mortgage Insights

Is It Time to Renovate or Repair Your Home?

When should a homeowner choose between home renovation and home repairs? Although this might not be a simple decision, it isn't a difficult one either. It simply takes an understanding of which of today's home construction items are worth renovating and which ones are better off repaired.

Let's start by explaining the difference between renovation and repair. A renovation involves the removal of an existing or old feature and its replacement with a completely new one. For example, new windows for old, or a new water heater for an old water heater, are both examples of renovations. A repair is the modification of an existing or old home feature to bring it back to its original performance level.

In many cases, home renovations are often simpler. However, these simpler strategies aren't always as cost effective as the home repairs would be. For instance, if you replace a home feature that has lasted for thirty years with a newer model, that only has a life expectancy of five or ten years, it certainly isn't very cost effective. After all, you are only going to have to replace the same home feature in less than half the time that the original one existed.

Although this might not always be the case, many renovations involve replacing quality items with substandard ones. Let's face it, few things are made with the same high standards of quality that were applied in the past. The desire to achieve better profits has changed all of that for many of today's products, including home construction products.

This is not to say that some items have not improved. In fact, advances in technology have led to many useful and efficient improvements in many facets of home construction products including heating systems. Unfortunately, today's "throw away" society has also led to an increase in disposable products built to last five or so years.

Determining when to repair or renovate involves the assessment of the project. Which strategy will actually lead to an upgrade in efficiency and which one will only lead to an upgrade in appearance? Is fashion more important than energy efficiency? Does the existing feature perform well enough to merit its repair?

Should the homeowner base his decision on the merit of what the company's representative says or should he do some research on his own instead? Let's look at the simple fact that companies are in the market to sell their products and services. What do you expect them to tell you? Do your own research into the merits of repair vs. renovation first. Once you have come to a decision as to repairing or renovating the feature, is the time to listen to what the company's representative has to say.