Pros and Cons of Remodeling in Today’s Market
It’s important to weigh the pros and cons of every major decision, and home remodeling is no exception. Still, the rules you followed just a few years back have already changed. So let’s take an impartial look at the pros and cons of remodeling under current market conditions.
First, the price of remodeling continues to rise. Current low labor availability and high consumer demand have also brought home renovation to a premium. So, if you’re motivated primarily toward monetary return, you might opt to think twice. Pair this investment cost with the Cost vs. Value report published by Remodeling magazine each year, which reveals that homeowners never quite earn a full return on their remodeling investment.
Lifestyle disruption is another downside, putting strain on your daily routine and potentially on your marriage and family. So consider your current responsibilities and demands along with the potential impact, should the end result not turn out precisely as you had planned.
In today’s market, homeowners might consider remodeling to enhance their surroundings and quality of life. For instance, kitchen upgrades and additions can make it easier to entertain and socialize more often. This in turn can foster a happier household. Remodeling might also be wise if extra bedrooms or bathrooms are needed for aging parents or boomerang children. Other top priorities to consider are pressing health factors for homes that contain old toxic paint, asbestos, or other not-to-code materials.
While there are no surefire methods for predicting where construction costs might go, the stock market has been rising and unemployment rates continue to decline. Money is cheap right now; interest rates are low. So funding is more easily available. At the same time, utility costs are on the rise. This means many homeowners might want to look into energy efficient windows, upgraded insulation, going green, and modernized electric and HVAC systems to counter that rising cost in the long run.
Still, each situation is unique, and homeowners should consider the pros and cons for their individual situation within the current market landscape.