Home assessments have come out for the year, and even though these assessments are based on July numbers, they are assessments that people will carry on our homes for the whole year. In most cases these assessments have gone up, which means we now have more equity in our homes. This increase equity is great for being able to borrow against if you’re looking to improve your home value through a home renovation, or by adding a secondary suit to help as a future mortgage helper.
Peak of Inflation and Still Challenging
We are all hoping that we reach the peck of inflation last year as last year we saw lots of high prices with materials, material shortages and time restraints. Though its hard to know if we are actually at the peak, we definitely know there’s not going to be as big of jumps as there was last year. Though we don’t foresee a dip in the price of materials or subtrades, because the demand is still present, we do foresee a leveling off of drastic increases. There is still a struggle for sourcing materials across the board, causing some budget increase and/or time line fluctuations. But hopefully as we get further to the end the year this reality becomes less of the norm. A key factor for getting through a renovation during this time is finding someone who you can trust, has an awesome process, great team, and excellent communication.
High Interest Rate:
Because of higher interest rates those who are hoping to renovate might need to find borrowable equity out side of your home. With the high interest rate this might also mean that you might need to put your dream project on hold till 2024 when hopefully we see some relief in the interest rate.
A Great Year to Save and Plan:
Lastly, with this high interest rate, it means it’s a great year to save money. Just because you want a renovation doesn’t mean its not going to happen, it might just mean that it doesn’t happen this year. Use this year to plan, save and design your dream space. We’d love for you to reach out and allow us to help journey down this path with you. This is still a great year to dream and plan, and start the permit process so that when the interest rate does lower you can hit the ground running, and get the renovation you have been dreaming about.
If your curious about how much you think your renovation will cost swing by our website at Coleridgeconstruction.com and check out our pricing page, or shoot us a message through our website and we’d love to talk to your more about your project.