Have you been considering remodeling any part of your home? Whether it’s a bathroom, your kitchen or another area of your home, there’s no better time than now to make it happen. The costs of remodeling are always going up, and with housing prices still relatively low at the moment, this is a great time to add extra value to your home that will increase over time.
Here are just a few reasons why you should consider moving forward with your plans for home remodeling in San Diego, CA:
- The market is right: We’re finally back to a point where there is high consumer confidence in the housing market, and unemployment is at some of the lowest levels it’s been at in years. People are also seeing steady growth in their incomes. It’s taken almost a decade, but the economy has recovered quite well from the housing crash and recession of the late 2000s. As a homeowner, there’s a very good chance your home equity has increased along with the value of your home over the last several years. Therefore, not only is the market right for a remodel, but you probably are also in a much more financially stable position than you were even just several years ago. With the remodeling market projected to see significant growth this year, now’s the time to get it done.
- Low interest rates: Just as interest rates for mortgages are still hovering around historical lows, so too are building loan rates. Home equity lines of credit are one of the most popular means of getting the money necessary to make a big home improvement, and their interest rates right now are very low. Even though interest paid on these lines of credit is no longer tax deductible under the new tax plan, the interest rates that exist still make these loans a good deal right now.
- Costs will continue to rise: There is a massive shortage of laborers in the construction industry right now, as well as generally rising costs of materials. Neither of these factors is expected to change anytime soon, which means costs will only continue to rise the longer you wait to get the job done. The significant need for materials to rebuild from the recent hurricanes will also only drive scarcity in building materials and increase prices.
- Remodeling is cheaper than buying new: For most people, remodeling your current home is going to be cheaper than purchasing a new one, and probably significantly so. However, you should consider how much equity you already have in your home, your current mortgage rate and whether it’s even possible for you to make the major renovations you’d like on your home.
These are just a few of the biggest reasons why the time has never been better to complete your dream home remodel. For more information about your options for home remodeling in San Diego, CA, we encourage you to get in touch with the experts at Mr. Construction today.
Categorised in: Home Remodeling
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