According to a new CRAFTSMAN survey, as many as 62% of American homeowners say they plan to invest in home renovations as part of their long-term plans. And while the real estate market is still hot, many homeowners would rather stay put and make improvements to their current properties.
Since the real estate market is currently quite competitive, being able to avoid the stressful process of buying and selling can be a huge perk for many homeowners. But there are still other reasons to consider renovations or home additions in lieu of moving to a brand new home. Here are just three of them.
It’s Usually More Affordable
Simply put, it’s almost always going to be cheaper and easier to renovate or expand parts of your home instead of buying a new one. Expanding the bedroom and bathroom or adding on a new storage room or home office, is much more manageable for most families than trying to pack up, move, and afford new house payments. It takes a lot of resources to sell and buy a home, so remodeling projects can often be the more cost-effective move for many families.
It Protects Your Lifestyle
Usually, the need for more space comes after many years living in the same home. Your family may have grown, and your possessions may have accumulated. While the space may not currently be serving your needs, there are a lot of memories associated with your home. Moving to a new place can be stressful at best and traumatic at worst. Not only might a move require you to change your aesthetic or give up personal belongings, but it could also disrupt your family’s everyday lives. You might have to switch school districts, find a new job, or connect with new friends. This can be a highly emotional process — and one that you might like to avoid if at all possible. Opting for home additions or renovations can keep your support system in-tact and minimize disruption to your life.
It Allows for Investment Opportunities
Staying in a home long-term can help build up equity and can also provide a good investment opportunity. Upgrades made to the home, including home additions, will typically increase its overall value. You might be able to build a home addition that functions as an income property, for example. Staying and upgrading the home can have financial benefits in both the short and long term. Whether you plan to sell in a few years or in a couple of decades, the changes you make to your home now can often pay off later.
These are just a few of the reasons why many homeowners choose home renovations over packing up and moving when they need more space. For more information about how we can improve your space with home additions and renovations, please contact our team today.
