The headache and cost of remodelingcan sometimes be overwhelming.Many homeowners wonder if it is really worth it and it might just be easier to move instead of staying put. Fortunately a recent survey by Houzz has found that yes, indeed, remodeling is far more beneficial than moving in 2014. Homeowners will come out ahead and be more likely to get the return on their investment
In the next 1-2 years 53% of those surveyed will invest in their homes and remodel. Most are finding it hard or almost impossible to replace what they already have. They are not only choosing to remodel, but also opting to stay long term.
Benefits of Choosing to Remodel
- Homeowners stand to lose the equity in their home by moving – Homeowners are finding that most would end up spending their built up equity or more in the cost of moving. Due to the recent recession homeowners either lost a considerable amount of their equity, or were forced to use up the equity in their home just to get by.
- Homeowners can enjoy lower monthly house payments by refinancing – Currently interest rates are still low. Having a lower house payment is far more beneficial since the cost of living has increased, but salaries have not. In many cases salaries have decreased.
- Home prices have increased – When homeowners compare what they can buy with what they already have they are finding they will get less if they buy new. Not only will they get less, but many will be forced to downsize or opt to trade in their more custom home for a box home.
- Appraisals are up allowing the refinance to go through – Before this year many homeowners were upside down on their mortgages and many homes were appraising for less than they were worth. Now, since the housing market is doing better, homes are appraising at the needed values more often so homeowners can qualify for the loans.
- Homeowners have become more frugal and have increased savings – It used to be that homeowners would borrow against their home to make improvements and remodel. During the recession many people tightened their wallets and have acquired more savings giving them the flexibility to pay cash for their remodel.
Many wonder where they will get the best return for their money. One of the places that homeowners are spending their money is in the kitchen. Most contractors agree that one of the best home investments a person can make is by remodeling their kitchen. It not only gives them the greatest return, but also helps increase the equity in their home.
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