Why You Should Remodel Your Home Instead of Moving
General Remodeling
Homeowners may find that their once-dream homes no longer meet their wants and tastes as they change over time. This often leads to a big decision: whether to sell or fix up the house. Even though buying a new home might seem appealing, rising mortgage rates may cause people to think about remodeling their current place instead.
4 Reasons To Remodel Your Home Instead of Moving
Housing prices are soaring and creating a seller’s market. While you might want to sell, that means you need to find a new home, and record-high prices might block you from finding the features or location you want. Remodeling may eventually outpace new construction and includes several advantages, including:
1. Customization
Moving is tempting, but a new home may not have your preferred features, or you might uncover issues that need correcting.
Your existing home might need new amenities, repairs, and updates. From open-floor concepts to kitchen islands, in-law suites, and home offices.
Remodeling lets you design your living spaces specific to your needs and taste. You also know the problems with your current home and can make the necessary repairs.
2. Continue Building Equity (Recoup Renovation Costs)
With equity in your existing home, its value continues to increase, and renovations can compound that, which means you will recoup any losses from your renovation costs with your increased home value.
Banks are extending more home equity loans (up to 80% of your home’s value) and HELOCs (up to 20 years to repay) to improve the features in your existing home and have more equity when you are ready to sell.
3. Maintaining a Desirable Location
Another reason to renovate is your existing home’s location. Perhaps you have kids in school, friends nearby, or enjoy local restaurants, stores, parks, and recreation.
Moving means giving up the familiar, and your new home may lack comparable features.
4. Avoid Moving & Selling Costs
Moving costs are expensive, and your new home may need improvements. While your budget might start low, inspections, closing costs, and relocation fees can increase.
Remodeling helps you avoid the stress of juggling two mortgages if your existing home does not sell immediately. High mortgage rates are another reason to consider renovating.
Things To Consider Before Renovating
Home improvement jobs have many parts and can cost a wide range of amounts of money. Because there are so many different possibilities, it’s important to be well-prepared and plan carefully before starting a makeover. Here are some important things to think about before you start your repair project, such as:
- Renovation goals: Aim to improve your home’s functionality, comfort, and curb appeal. Consider creating more open spaces for social gatherings and upgrading the HVAC system to reduce utility costs.
- Identifying challenges: Evaluate your current home for issues such as outdated electrical systems, poor indoor air quality, and worn-out fixtures. These elements could affect your health, energy efficiency, and home appeal.
- Budget and financing: Look into financing options like tax credits, remodeling rebates, and energy credits. Focus on renovations that will increase home value and stick to your budgeted time and costs. Don’t forget to plan for where you’ll live during the renovation process.
Why Choose Blackdog for Your Home’s Renovation?
With raising interest rates, mortgage rates will keep increasing. And that makes remodeling a smart investment, and we can help!
Backed by over 30 years of experience, Blackdog is a leading source for innovative home improvement solutions in Northeastern Massachusetts and Southern New Hampshire. With five-star feedback and a top-rated design/build process, experience the Blackdog Difference today.
Your dream home awaits! Schedule your home remodeling consultation today.
