High-cost home renovations can transform your home overnight. Bathroom and kitchen renovations, garage door installations, and roof replacement all take time and money. Even with the right contractors on board, you’ll still want to write a will if you’re a middle-aged adult who’s just dropped a lot of cash on renovations. Here are four reasons you want to write a will after making these costly changes to your home.
If There Is Damage, It Might Be Irreparable
All contractors will have the best of intentions. But sometimes, lack of materials, a tough environment, or mistakes might contribute to the damage being left behind after costly renovations. If you have your roof replaced but there is damage to the new shingles, the last thing you want to do right now is spend hundreds of bucks fixing problems with a roof you just installed. But writing a will makes sure the property is maintained by the family member of your choice, rather than someone who will neglect the new damage that looks worse after an expensive renovation.
You Can Capitalize on Increased Home Value
The good part about home renovations is that they instantly raise your home’s value. That means if you’re considering writing a will, one day you can assign a certain family member the responsibility of making sure the home gets sold. Renovations such as installing new hardwood flooring would make a home more valuable than if it had an old carpet. But let’s say if you have assets in the six figures or higher. You need a trust, not only a will, as minimizing estate taxes and avoiding probate are two responsibilities you don’t want to have to worry about as you get older.
You Can Decrease Family Disputes
Another risk of purchasing costly home renovations is that there will be fewer disputes, less tension, and less anger overall in your family. What happens is that family members start to get the idea that now that the home has been renovated, there is no real reason why more renovations can’t be made. Unfortunately, if you’re running the show, you might not want to do additional renovations and choose to save money instead. If anyone disagrees, you have the will that’s already written to reduce the potential for arguments getting out of hand. To make extra sure you’re protected, you could even write your will before or during the time you get the renovations installed. The greater control you have over your estate, the more relaxed you’ll feel regarding family disputes.
You Can Gain Peace of Mind
Out of all the benefits you’ll enjoy from having a will, peace of mind is the one that you’ll remember the most. As you age, you don’t want to worry about who will have the right to your property, or who will be responsible for additional renovations in the future. Writing a will dictates these decisions and your family members will have no choice but to respect your wishes. After all, a will is a legally-binding document. Consider a 2021 Caring.com study, which found that middle- and older-aged adults probably won’t have a will now than they were likely to have one a year ago. Still, younger adults are 63% more likely to have a will due to the COVID-19 pandemic.
There are few things more exciting than doing expensive and time-consuming renovations to your home. Whether you’re focused on the bathroom or the kitchen, or installing a replacement garage door or roof, a will can help you stay secure. Writing your will after costly home renovations will give you peace of mind while reducing the potential for arguments. Start your will today and by the end of the week, you’ll have the freedom and control you were seeking after doing expensive home renovations.