At some point, many homeowners question whether they want to update their current home or look into buying a new one better suited to their style and design preferences. Spending a lot of time in one home could make someone want to start fresh somewhere else. Homeowners, however, may not have the budget for a new home.
With a budget not large enough for a new home, you can make changes to your current one for less money by hiring an expert to do your residential renovations. If money isn’t an issue, there are some other considerations to make, such as location and long-term family plans.
If you love the neighborhood you live in, it might be worth it to make some renovations to your current home rather than moving. Ultimately, you’ll save money in the long run, too.
Here are 5 reasons why hiring experts to do your residential renovations is cheaper than buying a new home:
You’ll increase the value of your current home
With a growing market for home remodeling combined with the current real estate market, homes across the country are increasing in value. With rising home values and mortgage rates, it might be best to stay put and work on increasing the value of your home.
Installing a pool won’t increase your home value by much, but experts say other renovations are increasing a home’s value at high rates. Minor kitchen remodels, bathroom remodels, and deck additions are some of the highest value increasing residential renovations on average. At Ollendorff Construction, we can completely transform your kitchen or bathroom at affordable prices.
While you should consider renovating your home based on your tastes and needs, you’ll ultimately benefit from seeing most of the cost reflected on your home’s value.
A new home may require more renovations
Whether you decide to buy a newly constructed home or an older home new to you, there is always something you won’t be happy about. No matter where you go, you’ll likely change something simple or make some simple renovations.
Renovating your current home allows you to meet your expectations and desires without worrying about a large down payment or new mortgage. In your current home, you’re likely able to remodel a little at a time without needing to start over in a new home.
You won’t have to worry about relocation costs
Selling your home and buying a new one requires paying your real estate agent and other expenses and fees that come with the process. Moving into a new home requires other costs, like taking time off work.
Additionally, you may need to hire a moving company or moving equipment to haul all your stuff. These costs can add up in a short amount of time.
A home equity loan may cover renovation costs
You may be able to save extra time and money through a home equity loan. This type of loan is available to borrowers who use the equity of their home as collateral, and the loan amount is determined based on the value of the property. As years go by owning a home, you build equity over time, and the value of your home is likely higher than the amount you owe on your mortgage.
Remodeling your home may reduce utility costs
Updating your home can save you money each month on utilities or prevent down-the-road maintenance disasters. Reduce drafts and air leaks by replacing door frames, windows, vents, and outlets. Extra insulation can save on energy costs. New appliances, such as refrigerators, oven ranges, and dishwashers, can save additional energy.
If you love the home you’re in, hiring a professional construction company can save you money by making transformations on a room-by-room basis without the hassle of moving. If you’re local to the Los Angeles area and are considering a high-quality home improvement, let Ollendorff Construction transform your home. Reach out today for a free estimate.