There are some very helpful tools to determine if you should remodel or relocate, but like any major investment it all comes down to cost vs. benefit for every homeowner.
Anxious homeowners in Dayton, Ohio have been patiently waiting for the end of the housing crisis before putting their home on the market. Some homeowners have started to take a much different approach. Rather than “waiting it out”, some would-be sellers have decided to remodel and stay with some small home improvements. Remodeling can take the form of additions, enlarged kitchens, new bathrooms and more, and these give homeowners a reason to stay in their current home for a while longer, while the market moves more in their favor.
As a trusted remodeling contractor in Dayton, Ohio Dependable Construction, we’re often asked which rooms of the house have the greatest impact when considering resale value. We always inform homeowners a realtor is more aware of the statistics in terms of home sales, we recommend Tony Norvell with H.E. R. Realtors. However there are some very helpful tools to determine if you should remodel or relocate that we are able to help with. Like any major investment, it always comes down to cost vs. benefit.
Should You Remodel or Just Move?
After several years of steady declines in spending on home remodeling projects, we are starting to see the numbers are climbing up. One major drawback to the housing crisis for homeowners was the decline in home values, which reduced the amount of available home equity for borrowers. But this was just a “hiccup” when compared to the prospect of selling a home at a loss.
Here are some of the latest trends in home remodeling:
Instead of the common projects like remodeling the kitchen, adding a bathroom has become the most popular projects. For many homeowners, fixing up an existing room is often seen as a luxury, while adding another bathroom is a necessity. Homeowners have gotten a lot more practical about spending money on home improvements. Rather than hiring a contractor, more homeowners are starting do-it-yourself projects have become more popular on TV. Of course, not everyone can act as their own general contractor while maintaining a full or part time job. However the trend has remained steady because of the economic downturn. Homeowners are more economical in their choice of materials. The number of homeowners who reported using expensive building materials has decreased in the past five years. Overall, the percentage of homeowners using average costing materials has held steady.The number of consumers who are “excited” about remodeling continues to climb, primarily because so many homeowners waited it out until they felt the recession was over. Delaying a remodeling project turned out to be a good idea, since the cost of the average project is now 20 percent less than it was in 2006.
Is Now a Good Time to Buy?
While there are still many reasons to remodel, it wouldn’t be a bad idea to consider relocating as well. First time home-buyers have a unique advantage in that they don’t need to worry about selling a home. Mortgage rates are lower than ever, and real estate analysts expect to see higher prices next spring, so now would be a terrific time to buy a new home. Do consider that right now is a sellers market so you could end up paying more for a property.
Whether you decide to remodel or relocate, the good news for 2018 is that the Dayton, Ohio’s housing market is trending better than it has in quite a while. Buyers are less concerned about future home prices and homeowners are feeling confident about remodeling. If your looking to have a remodel project done in the near future give us a call at 937.318.9572
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