Here are a few things to help you decide between renovating or moving.
Should you renovate, or move? The last 18 months have changed what Americans are looking for in their homes, so today I want to share some data that might help you make that decision.
The American Institute of Architects just released their Q3 2021 home design survey. They found that 70% of homeowners want a better outdoor living space, 69% want a home office, 48% want two home offices, and 46% want an additional flex space.
Are you living in a home that doesn’t meet your criteria? If so, you have two options, renovate the home you have, or move into a home that’s a better fit. It’s just like HGTV’s “Love It or List It.”
“Whether you’re remodeling or moving, you need to know how much equity you have in your home.”
There are a few things you want to consider: Do you want to relocate? Can you remodel your home to fit your needs? The biggest consideration, no matter if you’re remodeling or moving, is how much equity do you have in your home?
According to the chief economist at First American Bank, Americans collectively have $24 trillion in equity. The average homeowner has over $280,000 of equity in their home. Let’s find out how much equity you have.
Whether you want to use that equity to fund renovations or buy a new home, our low interest rates make it a good idea. About 53% of Americans have an interest rate of 4% or below. If you’re in that group, you shouldn’t see your monthly payments change very much if you refinance. If you’re part of the 47% that has a higher interest rate, you could do a cash-out refinance or buy a much bigger home without changing your rates that much.
No matter which option you choose, it all starts with a conversation. Give me a call, so we can take a look at your equity and sort out what changes you want to make to your home. I appreciate the opportunity to be your real estate resource.
