There are many reasons to remodel your home. Maybe you want to increase your resale value, or maybe you just want to make it a more comfortable place for you and your family. Maybe you need to increase the functionality of spaces in your home. Whatever the reason, right now it the perfect time to do here. Here are some of the top reasons to remodel your home right now.
Mortgage rates are going up
Mortgage rates have already gone up slightly, and it is anticipated that they will continue to rise. In 2017 alone, we are expecting three separate rate hikes. With rates increasing, home prices usually decrease or remain the same because people can afford less house. That makes this a good time to remodel your home in preparation for a sell.
Financing your remodel project
You can pay for your remodel in cash if you have it, but you may need to get a home equity loan or line of credit. Right now, interest rates are also still fairly low for those lines of credit, which makes it easier to pay for remodel project.
You may not have even realized you can use a line of credit for a remodeling project on your home, but they are readily available. You can get those new countertops, buy your baseboard heater covers, and add a wet bar in your basement with a small loan.
As the economy appears to be doing very well, people are more likely to be doing projects in their homes. There is less to fear and more to gain than there has been for years. You might notice a lot of your friends and family members doing home remodeling jobs too as confidence in the economy increases.
Get a contractor before they are gone
With more consumers feeling confident and wanting to remodel, the number of contractors available to do your work will decrease. More people do their remodeling projects in the summer, so as we get closer to spring, you’ll notice it is even harder to get contractors. Start now before it warms up too much and everyone else starts getting their projects done.
Increasing costs of materials
As the economy rebounds, the price of your materials will also increase. If you decide to do your project now, you’ll save money on all the things you want to buy for your home.
This does not apply if the remodel you want to do involves a lot of technology. A lot of times, technology costs decrease as newer products become available or as the technology becomes cheaper to make. However, why would you want to wait to add smarthome accessories to your home?
Get it over with
The other thing you might consider is that remodeling is a big job, especially if you want to do multiple rooms in your home. Sometimes, it is just easier to do it all and get it over with. It will be inconvenient, but wouldn’t you rather have inconvenience all at once instead of having it spread out over a couple of years?