While remodeling your home can make it more convenient and comfortable for your family, some renovations can also increase the value of your house. Remodeling the bathroom can be a good investment, provided you make some smart decisions.
More Homeowners Renovating Instead of Moving Up. More homeowners are staying in their homes longer than ever before, locked into historically low mortgage rates and choosing not to move up to another home despite rising equity in their current home.
There’s logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness.
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market.
In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.