With an uncertain housing market, home remodels are on the rise. More homeowners are choosing to stay put and update their current residences instead of purchasing or building new. What explains this current trend? Why is a home remodel the best compromise?
Why Remodel Rather than Build New
A recent article from The Mortgage Reports, with construction down, homeowners are investing in their property and staying put, explains the reasons behind the current remodeling trend. Holly Tachovsky, CEO at BuildFax, said that the increase in mortgage rates, combined with stagnant income growth, are responsible.
She goes on to explain, “Home prices are outpacing wage growth substantially. These affordability concerns are compounded by mounting mortgage rates and rising construction costs.”
During the course of 2018, home remodeling expenditure increased by 4.21% over 2017. In addition to increased spending on home remodeling, homeowners are also shelling out more for overall maintenance and general upkeep.
So, if you can’t purchase new or build from the ground up, remodeling is your next best option.
Secure Some Savings with a Remodel
Instead of stretching your budget in order to purchase a new home, consider staying put and enhancing the property you currently have. Certain homeowners, according to Tachovsky are “unprepared to enter the housing market, but they are making larger investments in the health of their existing property.”
This is, arguably, more cost-effective and will also help increase your property value for greater ROI, down the road.
Why Wait to Realize a Return on Investment?
Regardless of your future plans, you deserve to live in a more ideal home now. Even a single-room remodel goes a long way in increasing your property pride and the overall enjoyment of your home.
If you’re ready to discuss your home remodel options, give our team a call for a free consultation and estimate. When you decide it’s time for a change, Luce Contracting will be standing by, ready to deliver.