It used to be that homeowners could buy a new home for less than remodeling the existing one, but the opposite is true these days. An increasing number of homeowners are planning whole house remodel projects to make their living spaces more livable. If you’re looking to add more space, or make your home more eco-friendly and energy efficient, here’s why it’s a good time to invest in a home remodel.
1. Decreased home remodeling costs. You can get more for your money by investing in a home remodel now. Since new construction is on hold for many homeowners, home remodeling bids are more competitive. Industry experts say home remodeling costs decreased by 20-30% since a few years ago.
2. Cheaper, more accessible home remodeling materials. During a construction boom, cost of materials inflates and often causes long delays to home remodeling projects because suppliers are struggling to keep up with demand. Often, a whole house remodel will halt because of back-ordered materials.
3. Faster project timelines. With more accessible materials, and available designers and contractors, a whole house remodel can get finished faster now than a few years ago. The days of 12-18 month waiting periods and delays leaving remodels half-finished are over.
4. Cut costs on energy bills. Many homeowners have struggled over the last few years to reduce the cost of heating and cooling their homes because of soaring energy costs. At the same time, there have been cutting-edge innovations in energy-efficient home design. Take advantage of these new technologies for your whole house remodel, and you’ll lower your long-term costs associated with powering your home.
5. Taxes won’t get you sideswiped. Many homeowners fail to take into account that a whole house remodel that increasing the value of your home also increases your property taxes. With home values remaining low right now, however, your whole house remodel isn’t likely to drastically affect your property taxes – at least not until the market picks up again.
6. It won’t be a remodeler’s market forever. Although the current market conditions are ideal for home remodeling, the construction industry will eventually bounce back. The economy is in recovery and homeowners’ budgets are loosening; there’s no reason to delay your whole house remodel.
7. Selling will be easier when tides turn. When the real estate market finally improves, you’ll be able to take advantage of it by increasing the value of your home now. If you wait on doing a whole house remodel, you could get caught unprepared if the market does turn. You also might find home designers are overworked and can’t complete your project within your timeline. Plus, buyers might assume that your remodel was done for a quick sale, but a whole house remodel done years ago just makes your home look well cared-for. It’s time to pull out your home remodel plans and start designing your dream home.