In today’s economy and market, why is remodeling a smarter investment than buying a house?
If you’re feeling cramped or dissatisfied with your current home, you might be wondering whether you should remodel it or move to a new one. While both options have their pros and cons, remodeling might be a smarter investment than buying a house in today’s economy and market. Here are some reasons why:
Remodeling can increase the value and appeal of your home
According to the National Association of Home Builders (NAHB) Cost vs Value Report, the average cost recovery rate (return on investment) for home remodeling projects is 56%, but some projects can generate even higher returns. For example, kitchen and bathroom remodels are among the top home remodeling projects that add the most value to your home. They can help you recoup up to 59% and 63% respectively. Looking to a deck to your home? Expect to recoup 61% of your costs. Remodeling can also make your home more attractive to potential buyers if you decide to sell it in the future.
Remodeling can save you money and time
Buying a new house can be expensive and time-consuming. You have to pay for closing costs, moving costs, commissions, taxes, and other fees. You also have to deal with the hassle of finding a new home, selling your old one, packing, moving, unpacking, and settling in. According to Zillow research, the average home buyer spends 10 weeks looking for a home. On the other hand, remodeling can be more affordable and faster than buying a new house. You can choose the projects that fit your budget and timeline. You can also avoid the stress and disruption of moving.
Remodeling can customize your home to your needs and preferences
Buying a new house can be risky and disappointing. You might not find a home that meets all your criteria or expectations. You might also encounter hidden problems or defects that require costly repairs or renovations. Remodeling allows you to tailor your home to your specific needs and preferences. You can choose the materials, colors, features, and accessories that suit your taste and lifestyle. You can also add functionality and comfort to your home by improving its layout, lighting, ventilation, insulation, security, or energy efficiency.
Remodeling can help you adapt to changing circumstances
Buying a new house can be limiting and inflexible. You might have to compromise on some aspects of your ideal home or settle for less than what you want. You might also have to deal with changing market conditions, such as low inventory, high demand, rising prices, or high interest rates. Remodeling can help you adapt to changing circumstances in your life or in the economy. You can modify your home to accommodate your growing family, aging parents, work-from-home needs, hobbies, or interests. You can also take advantage of tax credits, rebates, or incentives for energy-efficient or green improvements.
Remodeling can give you satisfaction and pride
Buying a new house can be exciting and rewarding. But it can also be stressful and overwhelming. You might have to deal with buyer’s remorse, seller’s guilt, or relocation anxiety. Remodeling can give you satisfaction and pride in your home. You can enjoy the process of planning, designing, and executing your vision for your home. You can also appreciate the results of your hard work and creativity.
Remodeling your home can be a smart decision that pays off in many ways. It can increase the value and appeal of your home, save you money and time, customize your home to your needs and preferences, help you adapt to changing circumstances, and give you satisfaction and pride in your home.
Now that you’ve made the decision to upgrade your existing home rather than buying a new one, call us at 517-388-6123. You can also setup your free consultation regarding an addition or remodel of your home’s kitchen, bathroom, basement, outdoor space, or garage by visiting our website at https://kfedewabuilders.com/.