The short answer to the whole home renovation question is yes! This may surprise you, given the headlines we’ve all seen recently. Since the pandemic hit, there have been two years of non-stop price increases in the housing market. Combine that with rising mortgage rates and inflation, and a newfound sense of price sensitivity has emerged. Between the financial factors and an overall lack of quality inventory, some would-be buyers have begun to wonder if the cost of a brand-new home is truly worth it or if it would be a better decision to simply renovate your home partly or entirely. With renovating your entire home, you have the benefit of staying in your current location where you have likely established strong relationships and connections and you have a familiarity that comes with some built in value.
What Is the Market Doing?
Market conditions have shown that finding an existing home with the features you want at the price you want is proving more and more difficult. So, now existing homeowners are seeking to improve their homes with the features they want, which, in turn, is creating a huge amount of equity in their homes. A whole home renovation can make a lot of sense financially, if you’re willing to take it on.
How Can I Decide If Renovating with ON Design & Remodeling Is Right for Me?
If you currently own a home that needs updating, or recently purchased a home that needs to be brought up to date, it is super important to team up with the right builder partner. At ON Design & Remodeling, we provide high quality work that ensures your home is not only beautiful, but also meets all the safety code requirements that will make it safe to live in, too. When you compare this to a quick flip where sometimes things are not done to the same standard, the result can be very costly in future repairs, which you will avoid when you team up with a partner like ON Design & Remodeling.
What Are the Downsides to a Whole Home Renovation?
The biggest challenge with a whole home renovation is the amount of time you will be displaced from your home for a period of time. One added benefit to consider here is that renovating your home will result in less time being displaced than doing a complete tear-down of your home. Many of our clients choose to live with close family or friends or find a temporary rental.
What Are the Benefits of a Whole Home Renovation?
A whole home renovation can benefit the homeowner by increasing the value of the home, improving functionality and style, and leveraging existing equity or funds to finance the improvements rather than mortgage a new home. With increasing mortgage rates and resale inventory shortages in desirable areas, the prospect of purchasing a new home that may not meet all your needs is not as appealing as renovating your existing home with the right partner so that it works better for your current and future needs.
Why Choose ON Design & Remodeling for Your Renovation?
At ON Design & Remodeling, even when our customers are partnering us for renovation only, we’re all about customization.
We can take your current home and customize it so that in the end you will love 100% of your new home.