Move or Improve? Why More Homeowners Are Choosing to Renovate

The summer homebuying season has come and gone, and for many homeowners, the search didn’t end with a new set of keys. 

Maybe the right house never came on the market. Maybe inventory was limited, prices were higher than expected, or every home you liked seemed to receive multiple offers. Whatever the reason, if you’re still living in the same home you started the summer in, you may be wondering: Should we keep looking, or should we make our current home work better for us? 

Instead of waiting for next year’s housing market, many homeowners are taking a fresh look at the home they already own and asking whether renovations could deliver the same benefits as moving. If you’ve built equity in your home over the years, a Home Equity Loan or Home Equity Line of Credit (HELOC) could help make those improvements a reality.

Reimagining Your Current Home 

Think back to what sparked your home search in the first place. Did you want: 

• More space for a growing family? 

• An updated kitchen for entertaining? 

• A finished basement for extra living space? 

• A dedicated home office? 

• A larger primary suite? 

• Better outdoor living areas? 

Many of the features people look for in a new home can be created through strategic renovations. While remodeling isn’t the right solution for every situation, it can often be a cost-effective alternative to moving, especially when you already love your neighborhood, school district, commute, or community. 

Moving also comes with costs beyond the purchase price. Closing costs, moving expenses, and today’s housing market conditions can make upgrading your current home an attractive alternative. For homeowners who like where they live but need more functionality, renovations can offer a way to create the home they want without the stress of relocating. 

Using Your Home’s Equity to Invest in Your Home 

If you’ve decided that moving can wait, a Home Equity Loan or HELOC can provide access to funds for projects such as: 

• Kitchen remodels 

• Bathroom renovations 

• Basement finishing 

• Home additions 

• New flooring or windows 

• Decks, patios, and outdoor living spaces 

• Energy-efficiency upgrades 

• Garage expansions 

• Home office renovations 

These types of projects can help improve your home’s functionality today while potentially adding value for the future. 

A Home Equity Loan or a Home Equity Line of Credit (HELOC) allow you to borrow against the equity in your home, but they’re typically used for different purposes. A Home Equity Loan provides a lump sum upfront, making it a great option for projects with a defined cost, such as a kitchen remodel, basement finish, or major home renovation.  

A HELOC, on the other hand, offers flexible access to funds as needed, making it ideal for projects completed in phases, ongoing home improvements, or situations where costs may change over time. If you know exactly how much you need to borrow, a Home Equity Loan may be the better fit. If you want the flexibility to borrow only what you need, when you need it, a HELOC may be the right choice. 

Let Deerwood Bank Help You Explore Your Options 

If you spent the summer searching for a new home and are now considering whether to renovate instead, Deerwood Bank can help you evaluate your financing options. 

Whether you’re dreaming of a remodeled kitchen, a finished basement, more functional living space, or updates that make your home work better for years to come, our lending team can help you determine whether a Home Equity Loan or HELOC is the right fit. 

Before you start another home search, consider what might be possible in the home you already have. Contact Deerwood Bank today to learn more about your Home Equity Loan and HELOC options.