What Those Sky-High Mortgage Rates Mean for Renovations
If you can’t buy it, build it.
Published Aug 5, 2022 10:24 AM
We may earn revenue from the products available on this page and participate in affiliate programs.
If you’ve talked to anyone who has attempted house hunting in the past year, you know it’s been a whirlwind of inventory shortages, all-cash offers, and sight-unseen signings. Many have had to ask themselves the tough question: Love it or list it? No, we’re not talking about the HGTV show. With 30-year fixed-mortgage rates expected to rise as high as 7 percent by the end of 2022, potential buyers are starting to change their minds and renovate their current homes, according to a report from Angi.
No longer waiting to purchase a house that ticks off every wish-list item, homeowners are taking matters into their own hands, making their current place the one of their dreams. Whether it’s a serene backyard you’re looking for or more room for guests, we have a few ideas to get you started.
Not Enough Light? Add a Round Window
Don’t pack up all your belongings in search of south-facing windows. Carve out another light source (one will do the trick!) instead. We recommend a statement-making round option over a soaking tub as a cure for any weekday anxieties.
Need Extra Space? Try an ADU
If your current square footage is starting to feel cramped, rather than move out, invest in a backyard ADU or A-frame kit. Not only is it the ideal place to set up an office or guest suite, it’s much less expensive than a traditional addition (Courtney Adamo turned hers into a soothing studio).
Want a Staycation? Invest in a Pool
Even if you’re convinced that your backyard is too small for an in-ground pool, there are work-arounds. Besides, who really needs to take an Olympic-size lap? Opt for a budget-friendly stock tank for the ideal summer heat-wave reprieve.