Are you considering remodeling your home but wondering if now is the right time? The financial headlines in the news are causing people to be cautious with their money and think through spending on big-ticket items – and that’s a good thing. However, many homeowners in the Portland area are remodeling right now. There are several reasons why it may be a good time to tackle that remodeling project you’ve been dreaming of. In this blog post, we’ll explore some of the top reasons why it’s a good time to remodel right now.
Keep your existing mortgage rate
Keeping your current mortgage rate is one of the most compelling reasons to remodel your home. Homeowners locked into a lower rate may decide to stay in their homes longer than planned because they’re unwilling or unable to take on a more expensive mortgage. If you love your mortgage but hate your house – staying put and renovating may be a better option than buying a new home. Home remodeling projects like an updated kitchen, refreshed bathroom, or adding onto your home may give you the custom upgrades needed to stay put and love where you live.
Increase your home value
Remodeling your home can be an excellent way to increase its value. Whether you’re looking to sell your home in the near future or simply want to improve its value for your own enjoyment, remodeling can be a smart move.
Wait, what about resale value?
Unless you’re a home flipper, do you really care about resale value? Unless you sell your home tomorrow, you’ll benefit from making the upgrades.
“Everybody says, ‘I don’t want to screw up my resale value,’ said Robert Wood, owner and president of Mountainwood Homes. “Are you selling tomorrow? Most people live in their homes for 5-7 years. And in that time frame, you’ll get your money back in our market.”
Don’t worry – you won’t wear out your home if you decide to sell in five years. You’ll be in a better position than your neighbor down the street. Your home will look and feel better, and you’ll get value back from it.
Maximize your financial investment
Many homeowners see their home as a long-term investment. Keeping your home updated, comfortable, and valuable can make you feel secure in uncertain times.
“Don’t wear your investment out – it’s only going to cost you later,” Robert advises. “You don’t want to make the improvements when you try to sell or when it’s an emergency to fix it. It’s going to cost you when it fails.”
Be proactive with routine maintenance. Your home requires ongoing maintenance. If your appliances go out, you may have longer wait times for the desired model. Or, if you’re looking to upgrade your HVAC system, do it before a major storm or heat wave, which are popular times for homeowners to need a system upgrade, just like everyone else.
Improve functionality and enjoyment
The pandemic has caused many homeowners to reevaluate their living spaces and prioritize functionality and aesthetics. With more people spending time at home, it’s essential to have a space that meets your needs and allows you to work, learn, and relax comfortably. Remodeling your home can be an excellent way to increase the functionality of your space and make it work better for your lifestyle. Whether you need to create a home office, add a guest suite for aging parents, or create an outdoor living space for entertaining, remodeling can help you achieve your goals.
“I don’t know how you could lose if you remodel your kitchen,” said Heather Wood, owner and designer at Mountainwood Homes.
“Many of our clients tell us they wish they would have remodeled sooner,” she added. “Don’t spend time wishing or having regrets. You’ve lost the time you could have enjoyed your home.”
Stay put in a home you love
Finally, staying put in a home you like can be one of the most significant benefits of remodeling. Many homeowners become attached to their homes and the communities they live in. Moving to a new location can mean leaving behind friends, neighbors, and familiar surroundings. Additionally, moving can be particularly challenging if you have children, as it can disrupt their schooling and social lives.
You can upgrade your living space by remodeling your home while staying in the community you love. You can create a home that meets your changing needs without sacrificing what you love about your current home. For many homeowners, this ideal solution provides the best of both worlds.
Explore your options
In conclusion, there are several compelling reasons why it’s a good time to remodel your home right now. Whether you want to increase your home’s value, improve its functionality, or stay put in a home you love, remodeling can be a smart move. Despite the messages in the media, investing your money in your home and living somewhere nice is okay. There are many intangible byproducts of creating a home you love, such as pride, accomplishment, peace of mind, and value alignment. Whether for financial reasons, enjoyment rate, or fulfilling a dream you’ve had for a long time, now is a great time to tackle that remodeling project you’ve been dreaming of. Reach out to the Mountainwood team to take the first step. We’d love to help you determine if it’s a good time to remodel for you and your situation.