BackWhy Remodel?07/27/17

As families grow and times change, a common feeling can arise of wanting to upgrade to a larger home that fits your growing family or to a new home that fits the latest trends in the housing market. The struggle comes when you have fallen in love with your current home, especially if the home carries sentimental value such as being the first home you have purchased, or a home that has been passed down through your family for generations.

Does it make more sense to move to a new place, or remodel your current home to fit your needs? The following are statistics and considerations to take into account before making a move:

The Cost Difference

When looking to the market to purchase a home, homeowners expect to pay hundreds of thousands of dollars, plus any fees associated with updating your current home and prepping the home to put it on the market. Then there are storage unit costs during the transition period, moving truck costs and more. In addition to all of this, a 2017 Houzz study found that “renovators who bought their first home in 2016 spent $33,800 on home renovations, on average.”

When completing a remodeling project instead, homeowners can expect to spend far less than the cost to move.

Source: 2017 Houzz & Home Report

Source: HomeAdvisor’s 2017 True Cost Report

Moving Disrupts

It can be difficult to find the perfect home that is on the market ready for you to purchase at the exact time you’re looking. If you do find a home you’re interested in, the next steps and decision-making process can be a quick (and stressful) turnaround. Depending on just how quick the turnaround, temporary rental situations might be necessary. Homeowners control renovations much better than moves, as projects can be planned and completed according to your wishes, on your desired schedule.

In 2016, the average interior remodel ranges from four to eight months (Houzz).

Aging-in-Place is on the Rise

One of the biggest factors to why homeowners choose to remodel instead of move is due to the ever-growing Aging-in-Place trend. Whether because of the great community they live in or because of the sentimental value the home has, homeowners are deciding more and more to remain in their home as long as possible. According to a HomeAdvisor 2016 Aging-in-Place Report, 61 percent of homeowners 55 years old or older plan to stay in the home indefinitely.

Source: HomeAdvisor’s 2016 Aging-in-Place Report

Source: 2017 Houzz & Home Report

As detailed in the above chart, the majority of 2016 renovations came from those who are long-term homeowners of six or more years.

From small remodeling updates in one room to large remodeling projects across the whole home and expansion, Wineteer Construction is your go-to source for professional remodeling help.

87 percent of homeowners chose to hire professionals to complete renovations in 2016 (Houzz).

When you work with Wineteer Construction, our team of experts will discuss all your wants, needs, goals and objectives.. Then we will discuss your budget and prioritize accordingly to make sure your project is “Planned Right. Priced Right. Done Right.”