Why You Should Renovate Your Late Parents’ Home
Losing any family member is hard, but losing a parent is especially difficult. Besides dealing with your grief, you also have to make a lot of important decisions about their estate and the various inheritances each heir will receive. Whether you’ve decided to sell your parents’ home or make it your own, here’s why you should renovate.
1. You’ll add value to the house.
Of course, the number one argument for home renovations is increasing the property’s market value. Even if you don’t plan on selling for a long time, or ever, it’s never a bad idea to increase your home’s value. If you do plan on selling the house, sprucing it up a little is a no-brainer. Maybe there are already obvious things that need repairing, like a new roof, or maybe you want to add some cool new features. Some projects have a higher return on your investment, like adding stone veneers and minor kitchen remodels, but any upgrades are sure to give the home a boost in value.
One great home improvement idea is installing a new pool in the backyard. Not having a pool can be a dealbreaker for some buyers, and you want to cast your net as wide as you can if you plan on selling. A beautiful pool or spa with unique water features can transform an outdoor space into an oasis. If you want a custom design, it’s important to find a pool builder with years of experience and excellent craftsmanship. The best professionals, like Olympus Pools (known for being an excellent swimming pool builder in Bradenton FL), will even help you come up with a spa or pool design that’s unique to you, including you in the entire process.
2. Your comfort is important.
If you’re going to be living in your parents’ home, you need to feel comfortable there. While some reminders of your parents can be nostalgic and reassuring, sometimes too many reminders can be painful. You most certainly don’t need to change everything, but adding your own personal touches is a good idea. If you keep everything exactly the same, it’ll feel like you’re still visiting them, which will make you feel like something is missing. It can be hard to grieve properly in that kind of situation. A minor remodel here or there can make it feel different enough without erasing their memory.
On the other hand, renovations can also help you get motivated to sell the property if you need a push. It can be tough to let go of a home with so much sentimental value, and you might be more comfortable selling if it doesn’t feel quite as familiar. Installing new siding or doing a kitchen remodel can make the place look completely different. You might not feel right changing things at first, but your parents wouldn’t want you to be stuck in the past, either.
3. It needs some upgrades.
If your parents’ house hasn’t been upgraded since they bought it, it’ll likely need some help entering the 21st Century. By now, it probably needs a new roof, water heater, and siding. Installing a new HVAC system should also be a top priority. A new, energy-efficient unit will save hundreds on the electricity bill over time. It can also be easily connected to a smart thermostat. Upgrading to smart devices, like installing a video security system or smart light switches, can increase your home’s value by 5%. That may not sound like a lot, but it’s an extra $10,000 if the house is worth a modest $200,000.
All of these renovations add up, and major projects aren’t cheap by any means. If your parents’ will is stuck in the probate process and you need help financing the renovations, you, as the heir, may be able to get a probate advance to cover the costs. Several problems can arise during probate that can prevent the estate from being settled right away. Whatever the situation is, probate loans — also called estate loans, inheritance loans, or trust loans — may be able to help you access your inheritance, or a portion of your inheritance, sooner.
4. It’s a fun project.
Lastly, renovating is a good idea because it’s just plain fun, and you could probably use a project to get excited about right now. It can be incredibly helpful to have something to look forward to and focus on each day when you’re processing grief. Making progress on a physical task can actually inspire us to make progress on emotional ones too. Besides that, you’ll also be able to reap the benefits of your hard work if you’re moving in! Once that new pool or hot tub is installed, you can float around in a sheer bikini and practice some more self-care.
You may hesitate to renovate your late parents’ home, and that’s completely understandable. Take your time with the decision, but remember these major benefits when you’re weighing the pros and cons.