It is easy to get overwhelmed just thinking about remodeling your home. That may make relocating seem like a better choice. But before you make that decision, know there are many reasons to stay where you are and renovate rather than move.
Many homeowners today choose to remodel instead of moving due to the rising costs of the housing market. Still, there are many other reasons why the value of remodeling transcends the price.
You Know Your House In and Out
If you have been living in your house for a long time, you are already familiar with its flaws and troublesome areas. A new home, on the other hand, comes with many unknowns. It could have significant problems you will learn about only after you move in, despite its seemingly perfect condition at first glance.
You will quickly learn that finding the perfect home is difficult if you have already done a little bit of house hunting. Finding a property that meets all your wants and needs without requiring changes is challenging.
The Convenience of Customized Spaces
There is great pleasure and comfort in living in a home with customized spaces that suit your style and lifestyle perfectly. Unless you build a new home, you will often be dealing with someone else’s style and tastes. By staying in your current home and remodeling, you have the opportunity to customize the space to make it truly yours.
You Can Build Equity if You Stay
The housing market is currently a seller’s market, with prices reaching all-time highs. So naturally, it is appealing to try to make a profit from that situation. However, you will also have to move into a new place, and the enormous costs associated with doing so may stand in the way of your success.
If you have been making mortgage payments on your property for a while, you probably have some equity by now. Your home’s value will rise steadily as the equity accumulates.
You Can Avoid Higher Mortgage Rates
According to a new survey by Discover House Loans, 79% of homeowners prefer to make improvements to their current homes instead of relocating. Increasing mortgage interest rates are a significant contributor to this statistic.
For the first time in 20 years, average 30-year mortgage rates have risen above 7%. As a result, many homeowners opt not to sell and instead improve their current homes, taking advantage of the substantial equity gains they have accrued by not moving at this time. Furthermore, moving would entail swapping a lower interest rate for a record-high rate.
Remodeling Increases Your Property’s Value
Home improvement projects can increase the value of your house. In addition, renovations raise a property’s resale value, allowing you to recoup the initial investment over time.
You Can Keep Your Location
If you have been in the neighborhood for a while, you know all the neighbors and have become good friends. Being content with your community is a compelling reason to stay. If you remodel instead of move, you can avoid leaving them behind. In addition, you can enjoy many more memorable moments when you invite them over for dinner parties. Thanks to your lovely new kitchen, bathroom and other improved spaces, these gatherings will be more effortless to organize and host.
Your Premier Kitchen & Bath Remodel Can Make Your House a Home
Are you ready to remodel your house? The experienced team at Premier Kitchen & Bath specializes in quality interior design and construction for kitchens, bathrooms and other spaces. From start to finish, our team of experts will help you from design to installation and beyond to ensure you are satisfied with your remodel. Contact us to schedule your consultation and discuss how we can get started on making your current house the home of your dreams.
