When the beautiful weather arrives, so does the house hunting and moving bug! It’s fun to shop and think about buying a new home. But it’s also essential to consider the costs in both time and money that a move takes vs. remodeling. Right now, it’s a sellers’ market. What you would have paid for a home a few years ago was much less than what you’d pay now. Plus, there are so few listings. Instead of moving – consider remodeling your current home. There’s plenty of advantages to consider. Let’s see what they are.
Location
If you love the location of your current home, put remodeling at the top of your list. In that situation, there are so many advantages to staying where you are. You know your neighbors and are familiar with the stores and amenities nearby. Besides being familiar with the location, you also know your home like the back of your hand. You have a list in your head of what needs to be fixed, what could be upgraded, and what you love.
Picture your current home exactly as you want it. How does that seem to you? Many local homeowners find that what they have is much better than what’s on the market. And instead of buying at the top of the market, they can remain where they are and upgrade.
Customization
If you stay in your home instead of moving, you’ll have the advantage of making it exactly as you want it. You know the shortcomings and have the perfect solutions figured out. Having an experienced local contractor like Remodeling Consultants can take your concepts and make them a reality.
Compare that to moving into a different home that you now must make changes to. Without the familiarity that you have with your current home, you may not come up with the best solutions. Plus, will you even have any money left to do upgrades after selling your prior home?
Some of the top upgrades you might consider for your current home are:
- Kitchen remodels – when you give yourself a new kitchen, you can enjoy it for years to come. Cooking and entertaining will be easier and more enjoyable.
- Bathroom remodel – upgrading the bathrooms can make a big difference in the comfort of your home. Also, if you need another bathroom, often it’s relatively easy to add one.
- Master bedroom remodel – expanding your master can make an enormous difference. Add square footage by extending the wall, put in a sitting area, a larger bathroom, and more closet space.
- Opening the floorplan – taking out a few walls and opening your kitchen, dining, and living room will give your home a new modern look.
- Second story addition – adding a second story can give you the space you need without the hassle of moving.
Shopping & Buying a New Home
If you’re considering purchasing in a hot market, set aside three to six months. The competition is brutal, and you must be ready to put an offer in as soon as a new listing comes on the market.
Then, once your offer is accepted, you start the difficult escrow process of inspections, appraisal, and making sure your loan goes through. And don’t forget you have to get your own home ready to sell in your spare time.
Efficiency
Do you know how long it takes to move? Here’s the short answer – longer than you think. There’s the sorting, taking stuff to the dump and donation centers, packing, and unpacking. You also must take time to hire movers and reserve a truck.
And if you’re self-employed or working full-time, moving can be an enormous distraction. Consider that you will have some downtime, possibly a few weeks. When you have remodeling going on, in most cases, you can still live in your home (unless it’s a whole house remodel).
Savings
Over the last year, moving expenses have skyrocketed, and homes are going for tens of thousands over the asking price. Plus, compared to just two years ago, there are 40% fewer homes listed, so you won’t have as many choices. Compare overpaying for your new home and add that to the real estate commission to sell your current one. Add in the moving truck, moving help, time off work, and you can see that buying and moving might not be the best choice.
Instead, take the money you’d be spending on the move and put it into a home renovation. With interest rates so low, you could get a home equity loan, or if your current rate isn’t that great, do a cash-out refinance. It’s much less expensive than moving and rebuying in this market.
Upgrade Your Home with Remodeling Consultants
Now is the perfect time to have us remodel your home and make it exactly how you want. Remodeling Consultants have proudly served Westchester County, NY, and along the NY border in CT, including the towns of New Canaan, Greenwich, Westport, Wilton, and Stamford for over 55 years.
Contact us today in Westchester or Fairfield County. You can call our New York office at (914) 381-6900 or our Connecticut office at (203) 321-1250.
