Why are people in the Triangle Area renovating their homes and opting to stay put, instead of moving
When Nivi and Sarang were faced with the need for extra space in their home, they didn't consider looking for another place. They loved the house and neighborhood they lived in and knew that if they could make some changes it will be better than having to go somewhere else and leave so many memories behind. So instead of shopping for a new house, Nivi and Sarang decided to add to their house to make it into the dream home they always wanted.
Nivi and Sarang were actually right, usually if you can stay in the same place, with the same mortgage, that's the way to do it. They had some funds that they could commit to the construction project they had in mind and they chose to contact AMC Contracting to help them bring their dream to life.
Early stages of the Home Addition to Nivi and Sarang’s house
done by AMC Contracting
First Floor Bathroom Addition to Nivi and Sarang’s house done by AMC Contracting
First Floor Bedroom Addition to Nivi and Sarang’s house done by AMC Contracting
Master Bedroom Extension to Nivi and Sarang’s house done by AMC Contracting
Second Floor Deck Addition to Nivi and Sarang’s house done by AMC Contracting
Kitchen Extension to Nivi and Sarang’s house done by AMC Contracting
Addition to Nivi and Sarang’s house seen from the back
Riley and Sarang enjoying the view thru the large picture window that was installed as part of the project done by AMC Contracting
According to research, homeowners are eager to hold onto the ultra-low mortgage interest rates they were able to get after the housing crash just over a decade ago, and they are leery about taking a chance on a move. The financial situation created by the COVID-19 pandemic has also shown a big drive from banks to provide very low interest rates for home remodeling loans.
The percentage of homeowners moving up to their next home is the lowest in 25 years, said Todd Tomalak, vice president of research for John Burns Real Estate Consulting. Instead of moving, people are deciding to make starter homes permanent and are expanding and repairing them for the long term, he said.
As a result, some young adults looking for their first homes are giving up because they can't find homes on the market that they want and choosing to buy a fixer upper instead. That's the case of Ana and Asley, who recently moved to the area from Miami, Florida and reached out to AMC Contracting to get pricing for renovating some houses that they are interested in but to which they would like to make changes to turn them into something they will actually enjoy living in.
Ana, Asley and Mila are shown in the picture above.
Each year, people spent more than $450 billion on remodeling and that amount is only expected to get bigger. This year Lowe's stock went from $65.02 a share to $160.10 since the effects of the COVID-19 pandemic started to show in the US until today, the Home Depot stock has also climbed as a result of increased sales.