This is probably not “news” to most, but the current housing market is extremely tough on buyers. Low inventory has driven prices up, and inflation has increased in the interest rate to its highest level since 2009. As interest rates rise, borrowers are losing their mortgage eligibility. An increase of just one percentage point can increase a monthly mortgage payment by hundreds of dollars.
It is discouraging, to say the least, for those who want to purchase a new home.
However, for many buyers, there is another option: renovating or remodeling their existing home.
For homeowners who are happy with their location but want more out of their house, putting on an addition or completing a renovation project is a great solution. Here are several reasons why:
You can make it yours.
If you’ve been in your house for a while, you likely know all of the ways that it doesn’t work. Perhaps the layout is inconvenient, or maybe you have come to realize that you need a closet or a bathroom in another area of the home. It could be that you need storage solutions, or another recreational area for the kids. Maybe you want to include an in-law suite for your aging parents. You are the expert on your home, and by working with an architect, you can redefine it to work out the kinks and make it better fit your lifestyle.
Build equity.
Remodeling your home can increase the equity you have in it. Over time, you will likely recoup your renovation costs since you’ll have increased the value of your house.
Stay in the location you love.
Perhaps it’s the schools. Maybe you really like your neighbors. Or it could be that you enjoy the restaurants and stores that are local to you. There are many reasons why you may prefer to stay in the location that you are already in, rather than buying a home somewhere else and having so many unknowns. Renovating allows you to keep those factors that make it a great location, while getting more enjoyment out of your house.
Avoid moving costs.
Moving can be expensive. Between making necessary repairs to your house in order to sell it, to realtor fees, to paying movers, and perhaps even making some improvements to your new home before moving in, it can become costly. You can instead use that money towards your remodel.
Hire an architect to create efficiencies and save money.
We’ve previously highlighted the value of hiring an architect, but this comes into play now more than ever with increased building costs. Architects are essential to avoiding costly design errors, and we also know the right strategies and materials to keep your project within budget. Energy-efficiency will also save you money down the road. By making the investment to hire an architect to manage your remodel or renovation, you will likely save a lot of money and avoid many headaches.
Remodeling or renovating your home to make it work better for your family can be a fantastic option in this challenging housing market. You can stay in an area that you love, and give your home just the refresh it needs to feel brand new.
Contact us today to begin the process of making your dream home a reality.
