The American homeownership story used to be simple.
First, you got your starter home, usually after starting your career, watched it appreciate in value, then use that cash from the sale to upgrade to your forever home. Then, once you became empty nesters, it was time to downsize to a home with less upkeep and use the spare cash to fund your retirement.
That all changed 10 years ago in the Great Recession that saw home values plummet to next to nothing.
With that housing crash fresh in mind, in addition to favorable interest rates and a lack of cash on hand, many people are choosing to upgrade their starter homes for the long haul through remodeling.
This trend is outlined in a Chicago Tribune article titled, “Why Americans are shunning new homes and opting to stay put, remodel instead.”
So, if you are finding yourself in this position, you are not alone! We’ve guided many people through this chapter of the evolving American homeownership story.
And if you are thinking about making changes to your starter home for the long haul, chances are you are going to start with the bathroom.
An article on Bankrate.com has the answers to how much that might cost you. The article says the average cost is just under $10,000, with lower-end remodels hovering around $6,000 and higher-end projects topping out around $14,000.
Whether you are looking to add a modern flair, be more efficient with your electricity or water consumption, or just need an extra sink, we’d love to be of service.
Have a great week!
