Every year as spring approaches, we see two things happen: 1. The real estate market accelerates. 2. Homeowners start thinking about the projects around their homes they want to complete.
Unfortunately, what we now know is that project costs are outpacing the real estate market. This means it may be better to consider looking for a home that has all the features you want, instead of taking on a remodel.
So, what does this mean for you?
In the current and expected future market conditions, this may not be worth the cost. As an example, according to Rocket Mortgage, right now the average bathroom remodel will cost $38,813, yet add only $22,475 to the home in value. That’s a loss of 42%!
According to the Association of General Contractors, the cost of building materials has gone up 20% over the last year alone. In addition, it’s become harder to find contractors to do the work, and with the increasing supply chain issues, materials may not even be able for many months.
If you’re considering beginning a home project, please reach out to us FIRST! Together, we can explore all options to help you choose the best course of action for you, financially.