Why You Should Remodel Your Home Instead of Move

According to iProperty Management, living in a home longer than six years makes the option to remodel their home 61% more likely than moving. If your family feels like your current home isn't meeting your needs, then a multi room renovation is often the answer. Let's take a closer look.

Built-Up Equity

The longer you own your Portland home, the more equity you'll accumulate. In today's competitive real estate market, it can often take all of your available equity to purchase a new home. This means that your new home will be more highly leveraged than your current one. Most financial experts warn their clients against borrowing an excessive amount of their home's value whenever possible. By remodeling your existing home, you'll be able to protect your equity and enjoy a stronger financial position. Before considering selling your home, it makes sense to sit down with your financial advisor. Their strong suggestion to remain in your current home may surprise you!

Less Disruption

As disruptive as a multi room renovation may sound, it's a lot less disruptive than moving your family to a new home. If you have school-age children, then they may have to change schools, which is often a stressful experience. Keeping your family home allows you to save money and protect your children from serious upheaval in their routine. Experienced contractors are able to schedule and execute renovations with as little disruption as possible. Also, you can schedule your project for a period of time when everyone's busy and not spending a lot of time at home.

Increased Property Value

In addition to the increased equity that you'll enjoy, you'll also have an increase in your property's value. This means that your financial position will be even stronger than before. Even if you don't have any plans to sell your home in the near future, there are many other benefits that come with an increase in property value. Your loan-to-value ratio will decrease, which makes it easier to refinance your home at a more favorable interest rate. You'll also be able to allocate any money that you would've spent on purchasing a new home and moving toward paying down your mortgage.

Ready for a multi room renovation of your home in Portland? We're the team to call! Contact us today to schedule a consultation to discuss your project. We look forward to working with you!