“Should I Stay or Should I Go?” **enter song by English punk rock band, The Clash**
Apologies for the earworm to those who know that song!
When the idea of purchasing a new home comes to mind, investing in your current home is not always the first thought. People typically start thinking about what it would be like living in a new home, what a new neighborhood could feel like, and what features the new home may have that they’ve spent years hoping to have in their current home.
So, what’s best? Do you buy or renovate? We say, renovate!
Investing in your current home, rather than buying a new home, has incredible benefits. First and foremost, research has shown that the act of moving is more stressful than a breakup or divorce. And moving is quite likely the most stressful of all life events. For anyone who has moved, they can attest to this. So, moving to a new home is not for the faint of heart.
Renovation Benefit Number 1 – Lower Stress
That’s not to say that a home remodel is stress-free, but it’s certainly not comparable to being worse than a divorce! And if it is, you aren’t working with the right Contractor. But don’t fret, we can help. Several years ago, we put together a blog that we feel is worth exploring:“Good vs. Bad: What’s The Difference When It Comes To Contractors?” Some blog highlights worth pointing out are…
No 100% Upfront Fees
Quality Products Are Bought and Used
The Estimate Takes Time
The Timeline is Reasonable
Track Record of Quality Work
We’ve all been impacted by our post-COVID world and have seen prices skyrocket, supply-chain issues impact available products, and country-wide inflation. With mortgage rates hovering above 6%, buying a home may prove to be far more costly than a home remodel.
Renovation Benefit Number 2 – Savings
If you know anything about interest rates, you know that high lending rates affect personal loans, auto loans, home equity loans and more. And while we have some “Creative Financing For Home Remodeling” ideas, we do know that these rates will impact loans taken out for a home renovation. But one important thing to note is that a home remodel is more cost effective than a new home purchase, which ultimately means you save money. Lower loan amounts, no down payment and shorter loan term options equate to lower interest rate. But the savings don’t stop there. Investing in your current home, means adding much needed value to your home!
When remodeling your home, your return on investment (ROI) is an important consideration. Ask yourself, “Will this improvement add value to my home, which I will benefit from later when selling?” We’ll help answer that in our blog, “7 Home Remodeling Projects That Add The Most Value.”where we review the ROI on:
Exteriors
Kitchen Remodels
Bathroom Remodels
Window Replacement
Roofing Replacement
Bathroom Addition
Deck Addition
There is also something to be said about loving where your home is, but not necessarily loving the home you’re in. If you’re a fan of home remodeling television shows, you’ll notice one trend – several people who are featured on the show love their neighborhood, love the schools in the area, and want to stay centrally located to their jobs. However, they quickly discover that to get what they want in their desired home, they’ll have to give that all up. So what if you could turn your current home into the home of your dreams, and not give up the area you love so much? It’s possible!
Renovation Benefit Number 3 – Fall in Love
There really is nothing like transforming your home into your dream home. The love you feel for your space after a home remodel is magical. Earlier this year, we created a blog titled,“New Year, New Home, New You,” where we focused on learning to love the home you’re in by working with a contractor who will bring your vision to life. In this blog, we listed several benefits to remodeling your home versus purchasing new. Some of those included were…
Due to home values rising, most homeowners are sitting on large sums of equity within their homes.
Increase the home’s value, particularly when renovating spaces with running water. (kitchen & bathrooms)
Save on moving costs.
More affordable than buying a new home. (Remember… no down payment!)
Take advantage of energy credits reducing financial commitments elsewhere.
You get to determine the layout and function of your home.
You have the luxury of customizing your home based on personal preferences.
You can choose your materials allowing for more eco-friendly building materials.
The benefits can really go on and on but that doesn’t mean you’re ready to dive in. There are several factors to determine before deciding to invest in your home. We can tell you the reasons why all day long, but you’re buy-in is important. Consider this:
Is it more economical to renovate or to move?
Do you feel your home can transform into your dream home?
Do you want more land, or is your current lot size fine?
What is your current attachment to your home, your neighborhood, your local hangouts, your children’s school?
Evaluate the housing market. Is it a good time to sell and/or buy?
Evaluate your comfort. Are you willing to stay in your home during a remodel?
Timing is everything. Whether selling your home or deciding to invest in a home renovation, the timing will determine what is right for you and your family.
Create a pros & cons list to include:
What do you love about your home?
What do you hate about it?
What can be changed?
What cannot?
Will the changes be enough for you to stay?
Determining the probability of you being 100% satisfied with your home after a remodel is essential. And if you can’t hit 100%, get close. Fortunately, Maverick Home Remodeling, Inc. has been in business over 20 years. We’ve been remodeling homes in Metro Denver since 2004 and have helped homeowners renew kitchens, bathrooms, basements, whole house remodels and more. We focus on making improvements a homeowner desires and enjoys while keeping in mind the importance of the property’s return on investment.
Interested in learning more about our services? Click below to dive into our services and phases of construction.
We’ve never met a single person who doesn’t love scrolling through our before & after photos. Click below to see our galleries!
As we said in our opening, the best option is to renovate! Maybe we’re biased, but as owner-operators celebrating 20 years in business, we’ve also gone through the process of remodeling our own home, transforming it into our dream space, and we couldn’t be happier that we chose to invest in our current home, and we know you will, too.
