Buying a property is a long-term investment that will affect your finances, your lifestyle, and your family. Therefore, it is not uncommon for couples to spend a lot of time considering their options in terms of size, location, neighborhood, and even financing. However, your decisions don’t end with the purchase of a home.
There are a lot more couples can do when it comes to their main residential property. Here are crucial things you should talk about if you want to elevate your home.
Launch a home-based business
If the pandemic has convinced you to start a side hustle at home, you may be considering quitting your 9 to 5 job to run your business full time. If you decide to run your business from home, there are some essential details to sort out. First of all, you may need a space where you work in peace and store documents. If you don’t have a home office yet, it is likely to become an essential addition to your decor as a home-based entrepreneur. Additionally, you will also need additional insurance cover. Indeed, your home insurance provider doesn’t offer the same protection as a small business insurance policy when it comes to handling customer requests and mishaps.
Moving out or extension?
If the family is growing, you may find that your home sweet home can feel crowded and unpleasant. Is it time to move out? The average cost to extend your property is between $86 and $206 per square foot. If you live in a house that can welcome a property extension, it can be a cost-effective way to add more living space without hitting the real estate market again. The average extension can cost between $20,000 and $80,000, which comes up a lot cheaper than buying a new home!
Some of the favorite extension projects in the US include a second bathroom, a new bedroom, a multi-level addition for the ground and first floor, and a loft/basement conversion.
Is it time for a smart home system?
Smart home hubs are not a novelty. Homeowners can benefit from smart home solutions in more than one way:
- Monitor and control energy costs without sacrificing comfort
- Ensure safety inside your home with sensors for lighting, warnings regarding leakages, etc.
- Provide security to your family, as your smart home service can connect to the local authorities to inform them about intrusions, fire alarms, etc. It can also share CCTV footage if you install a camera network on the property.
- Provide a comfortable and manageable stay for your guests, including seniors, by focusing on safety, automated functions, and constant monitoring.
Should we rent out the unused space?
If you have an unused bedroom, it can be a fantastic opportunity to welcome guests and make money by promoting your space on Airbnb.
Garage space can also be monetized, as you can provide storage space for vehicles or large items.
If you have a fully equipped basement or garage space, you can also consider renting it out as a business office for startups or freelancers. Big companies such as Google and Apple started in a garage once!
Thinking about unlocking the full potential of your property is a never-ending conversation. Your home will change and grow with you, which is why couples should constantly re-evaluate their choices and decisions.
About the Author
This article is written by a contributing author.
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