Why Remodeling is Better Than Moving

Posted on January 24th, 2018 by Nastazsa Lin Cabrera

Research shows that the number one reason people move is because they grow tired of their existing home. Others are opting to remain in their starter home and remodel if their location is convenient or if they can’t find another home nearby that meets their expectations. It is not unusual that the cost of remodeling exceeds the actual purchase price of the home. For the homeowner who has built up equity, this can make sense. Baby boomers have the most home equity and are leading the drive to remodel, making it easier to age in place. Others do not want to move further out to get a bigger house because of increased commute time to their jobs. Many do not want to leave their kid’s schools or their neighborhood as they value the connections they’ve already established.

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One of the elements in the decision making process of how much to spend on a renovation project is how long the homeowners plan to stay in the house. Another concern is what the return on the investment might be if they decide to sell. Homeowners with kids must consider the disruption of moving and the uncertainty of not being able to find something else in their price range. Moving stimulates home renovations when the selling homeowner wishes to improve the curb appeal and when they want to personalize their newly purchased home. Fifty percent of home improvements are replacing floors and windows.

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The remodeling industry has experienced a 6 to 7 percent growth each year for the past five years. The first quarter of 2018 is expected to surpass that growth because many homeowners have put off maintenance projects post-recession. The rest of this year is expected to level off and decline slightly. Low inventory in the housing market indicates that homeowners with low mortgage rates are staying put rather than buying at a possibly higher mortgage rate. Rising home values means more home equity can be accessed through a low-cost home equity loan to finance improvements. At the same time, high home prices make it more economical for people to renovate than to buy a new one.

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                                                                                                                         (Photo Source: iStock.com)

Major remodel projects can take six months to a year making time, cost, and quality the main points to consider. Once you have narrowed your contractors down to two choices, ask some of their previous clients for their feedback. Take your time, plan carefully, and prepare for upheaval if you can’t find the house you love. At the end of the day, remodeling and putting a new twist to your existing home should be an exciting time for you and your family.

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