Today mortgage rates have climbed to 6% and higher. Fears of a recession are looming. The recent blazing hot real estate market is finally cooling down. Now homeowners seeking a change find themselves in the tough spot of determining whether to remodel or to relocate. How does one make this tough decision?
Call a Realtor
Professional realtors are happy to share their market insights to help guide homeowners on opportunities associated with relocating. Be certain to consider all the costs and the benefits of relocating, both buying and selling a home.
Costs to move include realtor commissions, property inspections, required repairs, requested repairs, title insurance, and actually packing and moving. There is also the sentimental expense of leaving precious memories, established landscapes and cherished neighborhood friends and classmates behind. Plus, there’s the expense of moving to a larger more valuable home: increased taxes, utilities, insurance, maintenance and perhaps homeowner’s association fees.
Of course moving into a brand new home can be accompanied by significant enjoyment. Designing and building the home of your dreams to your unique specifications is for many a dream come true.
Moving to a new address may be the right choice if your current floor plan simply doesn’t work for your lifestyle, if the school district is not a perfect match, or the commute is too much of a burden to bear. These things cannot be fixed by remodeling, but many other issues may make renovating your home a better, more economical option. NerdWallet shares some tips on how to make the most of a challenging real estate market.
Consider Remodeling
Homeowners who are satisfied with their school district and enjoy the company of their neighbors; families whose present floor plan works for them but they simply crave a fresh new look. These are the situations that are ripe for remodeling.
In these situations, homeowners may have the opportunity to tap into existing equity to fund the project that will ultimately increase their home’s value – and liveability!
Tapping into the equity in your home to enhance its features, optimize energy efficiency, integrate smart technology, and update to today’s modern styling is an increasingly popular choice to homeowners presently enjoying low-interest mortgages.
Seven of the Top Home Improvement Projects for 2022 include new windows, home office, outdoor kitchen, new flooring, smart features, outdoor living spaces and disaster preparedness.
At Carpet Weaver’s Flooring and Furniture Gallery, we believe that whether you choose to brave the real estate market or take on a renovation project, the foundation of any great interior design scheme is stylish, worry-free flooring. We can also help you put the finishing touches to your interior updates with new furniture. Visit us when you’re ready to improve the way you live.
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