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Source: Money Wise —
The pandemic has made a lot of people reconsider where they live and what they want and need in a home.
In fact, nearly 40% of Americans are considering a move this year, and a third say the pandemic completely changed what they want in a house, according to a survey by Lending Tree.
If buying a new home isn’t an option for you in the current market and you’re one of those people running out of space, or finding your house doesn’t suit your needs anymore, you’ve probably considered renovating.
Maybe you could take out a wall and create a more open space. Maybe refinishing the basement wouldn’t be as hard as getting involved in the hectic housing market.
But there’s a lot to consider if you’re weighing your options between buying a new house and taking on a new renovation project.
If you’re thinking of renovating, you’re not alone
The housing market is a confusing place right now. More houses are finally becoming available, but prices are still up 10% over last year, according to Redfin. And with interest rates rising, it isn’t just hard getting on the property ladder now, it’s tough trying to move up it as well.
“It’s so hard to actually find the perfect house in the perfect neighborhood,” says Eric Finnegan, vice president of research and demographics at John Burns Real Estate Consulting, which delivers analysis on the housing market to clients such as builders, realtors and investors.
