“When we bought this house, we knew there were things about it that we just didn’t care for,” Lynda said. “But the plan was to live with it until we moved into a better, bigger house. I don’t know if you’ve looked at property prices lately, especially here in the Newton area, but we’re not financially able to compete in that market. That’s what prompted us to get serious about remodeling the house we have into the home we want.”
If you’re feeling like Lynda, you’re not alone. Google tracks the trends of what people search for, and interest in home remodels are at an all time high. Bathroom renovations top the list, followed by kitchen remodels, bedroom remodels, and home office remodels. The first three are traditionally the areas of the home owners are least satisfied with; the new prominence of home office remodels is surely pandemic-driven.
Interestingly, outdoor living is also a top Google search term in 2021. As builders and kitchen remodeling contractors in the Newton, MA area, we’re seeing increased interest in people adding custom decks and sunrooms to their houses, often as part of a kitchen addition.
Remodel or Move: Making the Decision
When deciding whether or not you’re better off moving or remodeling your home, there are a number of factors to consider. The first is financial, including the amount you’ve left on your mortgage and the market price of homes in the area you’d like to move to. Comparing the costs of buying a home to remodeling your existing property isn’t a simple calculation because even when you’re spending money on a remodel, you’re gaining in terms of home equity. It’s often a good idea to have your financial advisor talk through this decision with you.
The second is timeline. As you know, buying a home dictates your timeline for you: once you are involved, your schedule is influenced by the home sellers, the bank, the movers, and everyone else involved in the sale. When you remodel, you set the timeline and the project can proceed at a pace that makes sense for you.