Should I Move or Remodel in Minneapolis?
There’s no doubt that today’s real estate market is scorching hot. In some communities, sellers are getting thousands to tens of thousands of dollars over asking price, simply because of low inventory.
As a design build company in the Twin Cities, we’re seeing a lot of our clients opting to change up or add to what they already own versus selling the one they currently have.
Why? Well, there are a lot of factors that go into why someone would opt for home remodeling in Minneapolis versus selling.
Here’s what you need to know about home remodeling over moving during this unique real estate market.
Minneapolis Housing Trends
According to recent news reports, the available housing inventory in Minneapolis recently hit a 20-year low. There are simply not enough houses for everyone who wants to purchase one in the greater Minneapolis/St. Paul metro area.
Why? The COVID-19 pandemic made it clear to a lot of people that they either liked where they lived or that they no longer wanted to live in apartment buildings. Add in low interest rates and a greater ability to work remotely, more people are simply choosing to stay in the Twin Cities.
Benefits of Home Remodeling?
If homeowners aren’t selling, what are they doing? Remodeling their kitchens, baths, entire home or adding on to their square footage. Home remodeling has several benefits over trying to find a new home.
1. Bathroom and Kitchen Remodeling Are Practical
Perhaps the first reason why many property owners are choosing to remodel instead of buying a new home is that updating bathrooms and remodeling kitchens are more practical. These two important spaces may look outdated but are often the most impactful upgrades you can make to your home.
–> View our portfolio of this Eagan, MN kitchen remodel project
2. Remodeling Boosts Property Values
Another consideration is that home remodeling boosts property values. Even if a homeowner isn’t quite ready to sell, there’s a good chance that they might be in the future. Now is a great time to upgrade or add on to your home and build equity with new paint, flooring, fixtures, or whatever else makes the most sense. And, as an added bonus, you get to enjoy the updates while you live there!
3. Aging in Place Upgrades
Another popular reason to remodel is aging-in-place upgrades. A lot of people are opting to spend their golden years in the same home or moving in with family. Remodeling existing space to accommodate changing needs or adding a mother-in-law or apartment suite to a home are becoming more popular for people entering retirement.
4. No Need to Find a New Home
Finally, most people just don’t want to have to go through the exhaustive process of finding a new home. With the ability to get a home equity loan or line of credit at the same interest rate as a new mortgage, there’s no real reason to comb through low inventory level. The result is being able to enjoy your current living space without the hassle of moving.
–> This Burnsville, MN basement remodel fulfilled our client’s wish for more entertaining space
Deciding to Move or Remodel
The decision to ultimately move or remodel is really a personal one. It really depends on how well you like your home, how much you still owe, and whether it meets the needs of your family. Here are a couple ideas on how to decide between the two options.
Selling your home and finding a new one can take several weeks to months. Most sellers receive offers in the first few days of a listing, which could present a challenge if you’re still looking for a new place to live. For families with kids or pets, this can be especially difficult as it means having to find temporary lodging in an apartment or hotel during this gap.
While remodeling means you don’t have to move out of your home, it’s important to have patience and plan for a few inconveniences. Kitchen and bathroom remodeling often mean you won’t have access to those spaces in your home over an extended period, ranging from a few weeks to several months depending on the extent of the remodel.
You should consider remodeling if…
- You have property that can accommodate an expansion of the floorplan of your home.
- You have the means to handle a large renovation to accommodate your dream wishes.
- You don’t mind a little dust and debris throughout the course of the project.
- You enjoy working with a team to create a space that truly feels like your own.
–> See our full portfolio of bathroom remodel projects
Remodel Your Minneapolis Home
Ultimately, the decision to move or remodel really comes down to your family’s needs and your overall budget. While moving to a new residence sounds nice, current challenges within our local real estate market can make it more difficult.
It might be more practical to upgrade or add onto the space you’re in, allowing for total control in customizing space to your exact liking. With this option, you can usually stretch your overall budget a little farther and take advantage of the equity you’ve already built up with your home.
Our dedicated team of designers and general contractors can help you reimagine your existing home to design and build a space that is beautifully yours. We will lead you through the process from start to finish, focusing on every detail with the highest level of personalized service. Contact us today to discuss your home remodeling project from conception to completion.