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Renovating in Nashville Instead Of Relocating In A Competitive Housing Market

November 15, 2022

It’s no secret that the housing market in general has exploded in recent years, and particularly in the greater Nashville area. High home prices due to market demand combined with high mortgage rates due to inflation-control means plenty of potential homebuyers are realizing their new home budget won’t go as far as it would’ve a few years ago.

So what’s a homeowner to do when their current home not longer meets their needs or wants but can’t afford to move? Easy: renovate.

Homeowners are often overwhelmed by the remodel process and assume the cost of the renovations will be too high, but the truth is that, in many circumstances, their current home can be updated to meet their needs with less cost than a new house—especially with the rate at which home equity has increased the past few years.

Whether it’s through a HELOC, a construction loan, a cash-out refi, or simply saving up the dollars, there are plenty of ways to finance renovations—even extensive ones—in an affordable way, especially if you’ve lived in your current home for several years. 

We’ve worked with a number of clients who initially thought they’d outgrown their space or couldn’t figure out a way to rework their floorplan into one that met their needs better. With our design-forward experience and perspective though, the Callaway team is uniquely equipped to come up with innovative ways to make your current home better fit your lifestyle. We love solving pain points and helping clients discover previously unrealized options for home renovations that can take a “right now home” into a “forever home” … all for less than the sticker price on that dream house for sale.

According to Houzz  “For many, conditions like limited choices of available homes and rising interest rates are driving them toward renovations and improving their current home, since the cost of moving into a house that fits their current needs has become so expensive,” says Houzz staff economist. “Moreover, more than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years — or ever.”

Most homeowners seem happy with their current home and neighborhood, and want to stay put. Among the people planning to renovate in the next three to 12 months, 67% want to stay in their current home and update it rather than buy a new home that would fit their needs. Meanwhile, 38% want to stay in the same neighborhood.

Homeowners also say they want to personalize features (32%) in their current home. And many say they’re choosing to stay because it’s more affordable to remodel than buy a different home (23%), and because remodeling is a better investment (22%).

We would love to help you explore what this may look like for you. Reach out to us today to find out more.