If you had to choose between remodeling your home and buying a new one, which would you choose? If you choose to remodel your home, you’re with the majority, as most homeowners, today are pouring their money into home remodeling over buying. But is home remodeling really a better choice or does the nation’s economy play a major role in the decision-making process? What other factors would influence a homeowner’s decision to remodel the home? Here, we’ll examine some of the top reasons why more and more homeowners are taking the remodeling option rather than looking for a new home.
Quick Facts About Home Remodeling
By mid-2017, homeowners in the U.S. are estimated to have spent over a quarter of a billion dollars in home remodeling projects. What’s even more interesting is that over 50% of those that chose to remodel did so because they believed it would improve their quality of life. Surprisingly, only a small percentage performed a home improvement project to increase the value of their homes. It goes to show that many homeowners today are choosing comfort over monetary gains when it comes to making decisions that involve their residences. What’s more, they’re spending a ton of money doing so as well.
Reasons Why Homeowners Remodel
One would think that the primary reason to remodel or renovate a home would be to increase its resale value because of immediate plans of selling the home. However, statistics show that improving a home’s value comes almost last for the top reasons why homeowners choose to remodel.
The main reason why the majority of homeowners choose to remodel their homes is to improve their quality of life. This is understandable as choosing to remodel a home would indicate that the homeowner has plans of living out the rest of their lives on that particular property. It could also be because the family is getting bigger, needing additional space to accommodate more members.
Therefore, choosing to improve their quality of life by remodeling a home instead of moving into a larger one would indicate a high sense of satisfaction towards that home. The satisfaction that could have been derived from the beauty of the surroundings, relationships formed with the community, or maybe even beliefs that the home has somehow brought luck to the family making them unwilling to leave it.
Home Remodeling vs. Moving to a New Home
Most families purchase a home when they’re just starting. During this time, the home will be perfect with just the right amount of space. However, as time goes by and the family gets bigger, homeowners need to make a choice between moving to a larger home and remodeling the existing one to accommodate the growing needs of their family members.
Moving to a new home certainly has plenty of advantages. That is if you can find one suitable for you. In recent years, new houses have been in short supply, which usually means they cost more than what most families would be willing to invest. Furthermore, the process of moving in itself costs a significant amount of money.
If the homeowner would weigh the cost of a new home versus remodeling, remodeling would definitely be more prudent. Not only that, but homes almost always have sentimental value as well and many homeowners aren’t willing to let go of those memories.
One could argue that when moving to a new home, the homeowner would sell the existing one and use the proceeds to buy a larger home. This would certainly be a good idea, but only in the right circumstances. Most homes depreciate in cost. Their resale value isn’t usually enough to buy a new one. By the time a family gets large enough to require more space, most homeowners will be having second thoughts about getting a new mortgage.
On the other hand, if the existing home has sufficient land area to accommodate additional floor area, then remodeling would be a better alternative. Not only would remodeling costs be significantly lower, the family wouldn’t need to plant new roots in another community.
Another reason why most homeowners are hesitant about buying new homes is because of the higher interest rates. In most cases, a family’s income would have already increased, but the thought of entering a new mortgage with high-interest rates can be a bit disconcerting.
To avoid future financial woes, it would certainly be cheaper to pour existing funds into a home remodeling project. Moreover, if planned correctly, remodeling a home can be done in stages. The homeowner wouldn’t need to worry about paying for a huge renovation cost upfront.
In today’s economy, it’s not surprising why homeowners would choose to remodel their homes instead of moving into a new one. So if you’re thinking about remodeling, remember that you are not alone, and by working with a reliable contractor, you are sure to find the satisfaction that you require.
Author Bio:
I came to America as a young woman. Although I already had a degree in architecture and design, I wanted to start my life anew in America. I didn’t speak English, so I made sure my first goal was to learn the language and find a job.
Things started out a bit rough, as I was robbed the first week I arrived, and all my money, luggage and even my credit cards and passport were stolen. But tens of thousands of people came to this country over the past two hundred and fifty years with much less than what I had, so I just picked myself up and kept going.
I found work at a reputable contracting company in South Florida, eventually making my way up the corporate ladder. But I realized very quickly that while contractors were making good money, the services they were providing were less than excellent, and I saw shortcuts being taken time and again – over pricing of jobs, sloppy workmanship, and so on. These were not the values I was raised with, and I knew I could do better. I figured that maybe it was time for a woman to get into the contracting field and try to offer a different kind of remodeling service – one based not on greed and taking advantage of the customer, but one based on honesty and relationships first.
Back then I didn’t realize that there weren’t any state-licensed female contractors in Florida. I was informed time and time again that “women don’t belong in the construction industry”. Fast forward twenty years, and my name and reputation, and that of my company have set a new standard for custom remodeling projects – from the very large to the very small. If that is what you are looking for, give us a call. We won’t disappoint you.
