What Those Sky-High Mortgage Rates Mean for Renovations

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.