Buy a new home or remodel your current one? It’s a question you may be asking if your existing home no longer meets your needs. There are benefits to both. Those who love their neighborhoods and schools are more likely to stay put. Those who want a fresh start and everything ‘new’ will prefer a custom build or new construction home.
Of course, renovating your home or building a new one also depends on the current housing market. Now that home prices and interest rates are on the rise, more people are choosing to renovate their properties. Could this be the best move for you? Let’s find out!
Why More Homeowners are Staying Put and Renovating
Prior to the 2008 housing crash, it was common for people to buy starter homes, live in them for a few years and move to a larger place. Today, this is far less common. Homeowners who snatched great interest rates during the recession are eager to hold onto them.
Many also lack the financial security to upgrade to a larger home. They own houses that haven’t recovered enough of their value during the housing market crash, making it difficult to generate a hefty down payment for a new place. Plus, inventory is low, buyers are frustrated and interest rates are high.
With all of this in mind, it’s no wonder why the percentage of homeowners moving up to their next home is the lowest in 25 years! This trend is changing the housing market – and it’s creating a lot more interest in the remodeling business.
What Renovations Improve a Home’s Value?
The benefit in home renovations is that they boost the value of your property. We’ve already seen the housing market change significantly – and it will continue to do so. Investing in your property allows you to enjoy your home today, and sell it for more in the future. It’s a win-win!
Some of the best home renovations for ROI are:
- Bedroom and bathroom suites. Master baths and bedrooms are getting more attention. Bathrooms, in particular, are being transformed into relaxing home spas with doorless showers, heated floors and floating vanities.
- Kitchens. You don’t have to do a full gut renovation to renovate your kitchen. Many homeowners are simply refreshing this space with new countertops, appliances and hardware.
- Exteriors. To enhance curb appeal, more homeowners are choosing to update their exteriors with new paint, a new roof and updated landscaping. Plus, these updates will make it easier to sell in the future.
- Add square footage. As people spend more time at home, the need for additional square footage is growing. Enclosing a patio space, renovating an attic or adding an accessory dwelling unit are all great ways to increase square footage.
If it makes sense for you to stay in your current home, but it’s no longer meeting your needs, contact Kavin Construction for a consultation. We can help determine how to make your home more functional for you and your family so that you can hold onto a favorable interest rate and great community!