Refinancing to Remodel? The Right Time Is Right Now

Refinancing to remodel your home may be something you are considering. A remodel is not only a monetary investment but a contribution to your health and happiness as well. We all have been spending more time in our homes, and you may have discovered an appreciation for your own sanctuary. However, you have probably also been reminded of all the aspects of your space that are not ideal – little changes you have thought about making over the years.

What’s Driving Your Desire to Remodel?

Maybe you are lacking space or functionality in your home. Perhaps your style has changed or your personal taste has outgrown the space. Or maybe your house feels a bit dark and you are craving more windows and natural light. Whatever the reason, remodeling can be the solution. Refinancing and using the equity to fund your remodeling project may be a viable option for you to achieve your goal.

Historically Low Mortgage Rates

If refinancing makes fiscal sense for you, consider taking advantage of the current economic climate. Mortgage rates are historically low – lower than we have seen them in a very long time. Recently, homeowners have been able to lock in refinance rates for as low as 2.8-3.0%. These lower interest rates have allowed some individuals to pull equity from their homes to invest in both large projects and their futures.  

If you would like to get the most out of your investment, the kitchen is often the best place to start. Kitchens that are closed off from the rest of the home and are outdated ache for new cabinets, finishes, countertops, and tiling. Investing in kitchen updates will not only bring delight and joy to your life by augmenting cooking and entertainment space, but it can also exponentially increase property value. For some, it makes complete economic sense to start with what is often referred to as “the heart of the home.”
 

Add-ons to consider when remodeling your kitchen: laundry room, mud room.

The Master Bathroom Remodeling Can Add Equity

The master bathroom is another equity-producing investment in your home. Whether your bathroom is merely antiquated and in need of a rejuvenation or you want the total luxury experience, there are several things you can do to add value to this space. You could remove the tub in favor of a large walk-in shower with lavish fixtures. Maybe you want heated floors and towel racks to add maximum comfort. An updated vanity, countertops, and tile can also add clean elegance or a pop of color. You can truly add financial worth to your home while also creating a master bath oasis.

Add-ons to consider when remodeling the master bathroom: Include the bedroom and closet for a fully incorporated escape, and even consider adding a balcony or a deck off the bedroom.

Entertainment and Outdoor Spaces Are in High Demand

As we all learn to have safe and socially distanced gatherings with a few close friends, outdoor space has become much more meaningful. Back patios, decks, and walk-out kitchens are very popular recreational spaces that can increase the appraised value of your home. You cannot go wrong with indoor entertainment either. Whether you repurpose the basement to install a home theater or create a media room where you can listen to your classic vinyl, the possibilities are endless. Any updated space is a great way to make your time at home more worthwhile.

Add-ons to consider when adding entertainment spaces: Add a mud room for a safe transition space or turn part of your basement into a wine cellar.

Overall, consider remodeling an investment that you will enjoy now and recoup later. You deserve to thrive within a home that you love. Most importantly, creating a space you truly feel your best in has never been easier or more affordable. Thanks to low interest rates and booming home prices, you can now utilize equity to reinvest in your home and strategically update spaces. If you are ready to talk about how we can partner with you to transform your home, get in touch. It all starts with a phone call!

With mortgage rates so low, it’s a great time to consider remodeling. You may have access to equity that you can invest in your home now and recoup later.