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Renovate or relocate – which is the best option for you?

submitted by Lynne Kelleher, Berkshire Hathaway Home Services/Fox Roach Realtors Newtown Office

The Covid pandemic has wreaked havoc in our lives in a multitude of ways, not the least of which has caused many of us to reassess our current living conditions.

According to the American Institute of Architects Home Design Trends Survey, buyers are looking for more outdoor living space (70%), at least one home office (69%), a multi-purpose/flex space (46%), in-law/au pair space (42%) and exercise/yoga space (39%).

If one – or several – of these describe you, and you own your current home, your options are to move or renovate.

Either will require some cash, and one of the best places to find it could be where you lay your head at night.

The record setting price increases over the past two years has likely greatly impacted the equity in your home.

Using that equity to renovate by either refinancing or security a home equity loan could be a great way to create the space you want where you are.

Just be sure the changes don’t result in an obsolete floor plan and don’t over-improve for your neighborhood.

If it makes more sense to acquire what you need by purchasing a new home, that equity can translate to a larger down payment.

Regardless of what works best for you and your family, waiting to make that decision could cost you money.

Interest rates are forecast to increase over the next year, which means waiting to leverage your equity will probably cost you more to do so.

One of the first steps in determining how much equity you have in your home is to establish its current value. That’s what I do.

Contact me anytime so we can talk through whether relocating or renovating is best for you and your family.

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