Friday, February 23, 2018 / by Bret Johnson
Selling a home? Get a free home value report
Today’s topic comes from a conversation I had recently with a previous client. They wanted to know if they were better off selling their home this year or if they should look at remodeling it instead. After thinking about it for a while, the answer was clear. Here are four rock-solid reasons to remodel in 2018:
1. You might have more cash. With consumer confidence high and the economy doing well, there is a good chance that you have a little bit more cash flow this year than you have in the past. It might be a good idea to invest in yourself and your future equity by remodeling now instead of trying to cash out on your current equity in a buyer’s market.
2. Interest rates on building loans are low. While rates have been going up everywhere else, building loan rates have stayed very low. Talk with a lender about what kind of rate you can lock in now. We’d be happy to connect you with a local professional.
3. Remodeling is cheaper than buying new. As you may have heard, home prices are up. That’s making it more and more difficult for homebuyers to find something in their price range. New communities are constantly increasing their base and upgrade prices as well.
4. The costs will go up the longer you wait. There's a shortage of supply in the building industry right now and prices have been consistently going up for builders. You should look at what you can get right now by taking advantage of a remodel now as opposed to further down the road when prices are higher.
Every situation is different. If you have any specific questions for us about your situation or anything else in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.