In today’s real estate market, homeowners find themselves at a crossroads when considering whether to move to a new home or embark on a big remodeling project. Both options have their merits and drawbacks, but remodeling seems to have the edge in today’s current market. Here we look at various factors such as the current condition of the property, market trends, financial considerations, and personal preferences that play into the decision.
Selling a home can be pretty easy in today’s market. With the high demand for housing in many areas, sellers have the upper hand in negotiations and will likely benefit from competitive offers which will lead to a quick sale at a favorable price. Additionally, selling allows homeowners to cash in on their equity and move on to a new property or location that better suits their needs.
However, selling a home also comes with its challenges. The biggest problem today is trading a low interest rate on an existing home loan to a high rate mortgage on a new home. Also, selling a home typically involves various costs, including agent commissions, closing fees, potential repair or staging expenses and moving expenses. For homeowners who have a strong emotional attachment to their property or their community will also find it difficult to move and give up that sense of familiarity and belonging.
Looking at remodeling instead allows a homeowner to stay in a familiar place yet get the opportunity to customize their current space to better meet their needs and preferences. In today’s market, certain remodeling projects, such as kitchen renovations or bathroom upgrades, can provide a high return on investment, making them attractive options for homeowners looking to boost their property’s resale value. Moreover, remodeling allows homeowners to keep their low interest rate mortgage and avoid the hassles of moving. Remodeling can be expensive, time consuming and disruptive but most homeowners find the huge payoffs outweigh the temporary inconvenience and cost.
Should you stay or should you go? Remodeling seems to have a bit of an advantage today mostly because of higher interest rates, but both are viable options. Homeowners should weigh all the factors carefully and consider their individual circumstances before making a decision. Whether selling or remodeling, the sooner you embark in either direction you can avoid rising costs and you can finally live in a space that you love! If you are interested in talking to a designer about remodeling options call TrueLeaf Kitchens in downtown Basking Ridge at 134 S. Finley Ave. (908)766-2006 or visit their website at trueleafkitchens.com.
