With current 30-year fixed mortgage rates today at 7.13% to 8%, it makes sense to stay where you are and renovate to happiness.
In today’s uncertain real estate market, many homeowners find themselves questioning their next move. Should they sell their current home and upgrade? Should they downsize to a smaller property? However, amidst these uncertainties and still a low inventory market in Florida, a compelling argument can be made for homeowners to stay put and invest in renovating their existing homes.
Renovations not only offer a range of benefits but also provide homeowners with a chance to create their dream living space without the hassle and expense of moving. In this article, we will explore why renovating is the best move for homeowners right now.
Renovating your current home can often be a more cost-effective option compared to selling and purchasing a new property. With rising interest rates, home prices and associated costs such as agent fees, closing costs, and moving expenses, selling your home can be a costly deal. By renovating, you can allocate your budget to specific areas of your home that need improvement, thus maximizing your investment. Whether it’s upgrading the kitchen, adding, or enhancing a new bathroom, or creating a functional outdoor living space, renovations allow you to tailor your improvements to meet your specific needs and complete your dream home.
Enhance Your Comfort and Home Functionality
One of the primary advantages of renovating your home is the ability to enhance comfort and functionality – form and function. Are you tired of a cramped kitchen? Do you need an additional bedroom or a dedicated home office space? Renovations provide a chance to address these concerns and customize your living space according to your lifestyle. By reconfiguring layouts, adding square footage, reimagining your outdoor living area, or incorporating smart home technologies, you can transform your home into a more comfortable and efficient environment that meets your unique requirements.
Increase Property Value
The real estate market in Florida right now is flattening. In most areas we don’t expect prices to drop but the double-digit percentage increases are over. Home renovations can significantly increase the value of your property. Well-planned and executed renovations can lead to a higher resale value, allowing you to recoup your investment when you decide to sell in the future. Upgrades such as modernized kitchens, updated bathrooms, energy-efficient features, or improved curb appeal can make your home more attractive to potential buyers. Moreover, by staying in your home and renovating, you can enjoy the benefits of these enhancements firsthand while still benefiting from the increased property value they bring.
Buying a New Property – and Selling Your Current Home
Have you noticed that the Florida market still has a low inventory of available homes? It’s hard to find an available new home in a location you want and at a price that makes sense. And why would you give up your 2% – 4% mortgage interest rate for a 7% – 8% rate? And it’s reported that the Federal Reserve may keep the increases going in addition to the 10 increases they’ve already done. Plus, selling your home in this market under these financial uncertainties and pressures is tough rollercoaster ride.
In a recent study: Florida Homebuyers Paying Steep Premiums, At the end of March 2023, all nine measured metro areas in the Sunshine State ranked among the top 14 of the 100 most overvalued markets in the country, according to the Real Estate Initiative at Florida Atlantic University.
“It’s clear that higher mortgage rates over the past year have helped moderate housing prices in many areas of the country,” said Ken H. Johnson, Ph.D., an economist in FAU’s College of Business. “But consumers, particularly in Florida, still need to be wary of the current climate because those who buy now could end up having to hold onto the properties for years before values rebound enough for owners to fetch an acceptable profit in a resale.”
Friends and Community
Staying where you are allows you and your family to stay connected to the friends you’ve made, your neighbors, and the neighborhood and community you helped create, just by being there. Once your renovations are done, imagine inviting everyone over for your new open house!
Avoid the Hassles of Moving
Moving can be a stressful and time-consuming process. It involves packing, finding a new home, coordinating logistics, and adjusting to a new neighborhood. By choosing to renovate, you can avoid these hassles and remain in the familiar comfort of your current home. Renovations offer an opportunity to revitalize your living space, breathing new life into your home without uprooting your family or disrupting your daily routines. Additionally, you can stay connected to your community, schools, and local amenities that you have grown accustomed to over the years.
Renovating your home can also contribute to a more sustainable future. By investing in energy-efficient upgrades such as insulation, solar panels, or high-efficiency appliances, you can reduce your environmental footprint and lower your utility bills. Renovations provide an opportunity to incorporate eco-friendly materials and practices, making your home more environmentally responsible and lowering your monthly costs.
In the current real estate landscape in Florida, homeowners have a unique opportunity to stay put and transform their existing homes into their dream living spaces. Renovating offers a cost-effective alternative to selling, allowing homeowners to improve comfort, functionality, and property value. By avoiding the hassles of moving, homeowners can stay connected to their communities while enjoying the benefits of a revitalized living space. Whether it’s a kitchen upgrade, bathroom renovation, or creating a functional home office, now is the time to invest in your home and create a space that truly reflects your vision and lifestyle.
R&R Construction of Florida is a Renovator You Can Trust
We help you reimagine, refresh, and remodel your home with new spaces, fine finishes, custom carpentry, and new form and function. Builders have hired us to help create their model homes for sale.
Because we’re a Certified Florida General Contractor with a skilled team of craftspeople, we can do the whole project. Many homeowners want a mix of finishes to update their home. That normally would require several different subcontractors to do the job that you would have to manage. Hire us. We do it all and manage the whole project for you.
Let’s work together to turn your home into a new model just for you.