If you’re planning a kitchen remodel, prime time is rapidly approaching. There’s no reason to shop for a new house if you love your neighborhood and the community where you live, and remodeling your kitchen actually increases the resale value of your home should you ever need to move in the future. Most homeowners plan renovations in the summer when they can take additional time off and the weather is nice, but the best time to is actually right at the start of a new year. Here are four reasons to wait until after January 1st to start home renovations.
More Cash On Hand
January brings higher consumer confidence, lower unemployment, and annual raises. For those homeowners who get an end of year bonus for performance, that check should already be set for direct deposit in the near future, too. Most importantly, your home equity and property value have likely increased in the past year, and so now is the best time to apply for a home equity line of credit or renovation loan. With housing prices on the rise, it makes more sense to renovate and then sell later. Home prices are only trending upward, and improvements now while the demand is lower for kitchen remodeling contractors often proves more advantageous than waiting.
Interest Rates Are Lower
Interest rates are expected to remain fixed for now, and lines of home equity credit are at the lowest rates in years. While changes are expected in 2019, it is unlikely to change before the end of January. You want to make a move on securing a loan or line of credit for remodeling your kitchen now before rate hikes hit later in the year.
Cheaper Than Moving or Buying a New House
Living in a high cost area may make a far more attractive option than buying a new house to get your floor plan and features just the way you want them. Since home values have been on the rise the last few years, home prices for some areas are beyond the reach of all but the wealthiest home buyers with exceptionally good credit.
You may want to move, but selling your current home may be more difficult than you realize. Combined with changes to allowable deductions for state and local taxes on property, and you may find that staying where you are and upgrading your house with some renovations is the smart move for the time being.
Costs for Renovations Increase the Longer You Wait
Labors costs are rising, and with them the cost of renovation. Building materials stay rather stable, but if there is a high demand in your area for new homes and workers to build them, you may find yourself looking at more expensive work the longer you wait.
Are you looking to remodel the kitchen in your New Jersey home? Hunterdon Siding and Windows in Lebanon, New Jersey can help. Contact us or visit our website today to find out how you can upgrade your kitchen amenities and keep it comfortable and convenient for years to come.