The economy is looking up, but interest rates remain at near-historic lows. This combination presents a unique opportunity for homeowners: loans are easier to get because of the brighter economic outlook, but interest rates are still attractively low. It’s a good time to think seriously about borrowing.
Since the new year, economic data and indicators have been mostly positive. Unemployment is going down, housing prices are stabilizing, and credit is becoming available once more. As you’d expect, Lars has seen an increase in San Diego home additions during this time. People are easily able to afford the remodel, and they’re choosing to put their money into their home and increase their investment.
There are two common ways to finance San Diego home additions. The first is to remortgage or take out a second mortgage against the value of your home. This works best if you’ve paid off a substantial part of your current mortgage. Even if you’re not thinking of remodeling, it might be wise to look into renegotiating or adjusting your mortgage simply because the rates are so low.
Depending on the project, you may be able to leverage the second option to finance your remodeling project. Banks are sometimes willing to offer unsecured loans for expenses like remodeling. Alternatively, you may need to offer some form of collateral. What is available to you depends on a number of very personalized factors.
Whatever kind of credit you pursue, your timing is good. Interest rates are low, credit is available, and there’s nothing better to do with your money than invest it back into your home. But be sure to move quickly – the low rates may go up before long as the recovering economy is judged healthy enough to bear an increased cost for credit.
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What should I expect from a custom home remodel?
When you decide to remodel your home in San Diego, count on our team of experienced builders and talented home design contractors to handle every stage of the design-build process diligently and professionally. We apply a wide range of skills to transform your living space with style and precision:
How long should my whole home remodeling project take?
We’ll discuss the length of your project during an initial consultation. Although the scope of a project will determine its length, we can provide you with an approximate estimate early on.
For more information, get in touch with our home remodeling contractors in San Diego. We’ll ask you a series of detailed questions about the upcoming home remodel, which will help us prepare a preliminary estimate.
How much should I budget for home remodeling?
It’s the complexity of each remodel, as well as the desired goals and needs of each client, that makes each project unique. Besides the type and size of your home improvement in San Diego, the cost of materials needed plays a key role in setting up the budget.
Feel free to give us a call if you have any questions regarding the final costs of the project and consult with our experts directly. Our home design contractors will be happy to answer all of them and provide you with a more accurate estimate.
What should I know before adding on to my house?
Before adding a room addition to your San Diego property, conduct a thorough inspection of your home and clarify your objectives:
Finally, you should know who to turn to for advanced assistance. Luckily, there’s a reputable local company serving San Diego communities. We at Lars Remodeling & Design would be happy to offer a detailed outline of the key aspects of your project.
Is it safe to live in a house while renovating?
For substantial additions or major renovations, it might be a good idea to think about staying somewhere else. To stick to your budget, you could stay with friends or family, or rent a place nearby so you can easily keep an eye on the remodeling progress. As experienced remodeling contractors, we’re eager to learn more about your project and explore all your options with you. Don’t hesitate to give us a call!
Is renovating an old house worth it?
Absolutely. However, the value of such a renovation largely depends on factors like the property’s location, the extent of work required, and the current market conditions. For any home design or design-build project, it’s advisable to consult directly with our experienced contractors. We’ll access your San Diego residence to identify the type of remodel that would offer you the best return on investment.
