One of the best parts of owning a home is the freedom to make it truly your own with design choices that reflect your personality and lifestyle. Whether you lean toward contemporary design or a farmhouse aesthetic, your home is your canvas. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Even so, it’s always smart to think about the long-term impact those decisions might have on your home’s value. Choosing over-personalized or unpopular materials and finishes could make your home less appealing to future buyers. And selecting out-of-style or overly-trendy elements could cause your home to feel dated quickly.

To help inspire your design choices, we’ve rounded up some of the top trends we’re watching in 2024. Keep in mind, not all of these will work well in every house. If you plan to list or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.

Spa-Like Bathrooms

We could all use a little more relaxation in our lives—so why not bring the spa into your home? In 2024, more homeowners will remodel their bathrooms to turn them into personal oases. ^1,2

If you’re undertaking a renovation, consider upgrading fixtures and materials. Handmade tile and custom cabinetry can add a touch of style and luxury. Trade stark whites for warm neutrals to create a more relaxed feel—think light wood tones, creams, and beiges.³ Complete the look with soft ambient lighting from a backlit mirror or pair of decorative sconces.^2,3

If you want to maximize the mind-body benefits of a relaxing bathroom (and have the budget to spare), you might consider installing a steam shower, infrared sauna, or cold plunge tub.³ Not looking to spend as much? Even minor upgrades like a massaging showerhead or heated towel bar can add some pampering to your morning routine.³

But remember, if you’re modifying your bathroom, it’s always wise to work with experienced and licensed professionals to avoid water damage that could lead to costly repairs. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Maximalist Decor

In 2024, maximalism is back in vogue, contrasting the neutral aesthetic that dominated design in recent years. While maximalism can be summed up as “more is more,” there’s nothing sloppy or cluttered about this look. Instead, it’s all about intentional curation.⁴

Hallmarks of maximalist style include rich and saturated colors, bold wallpaper, statement rugs and furniture, and lots of art. And forget matching—maximalist interiors often include plenty of contrasting colors, textures, and patterns selected to complement one another.⁴

If you’re trying to embrace maximalism on a budget, check out thrift stores. They’re often a great place to find unique furniture, colorful rugs, and interesting art or collectibles. Before you invest in rolls of vintage wallpaper, though, it’s important to note—if you plan to sell your home in the near future, the maximalist look won’t appeal to every buyer.

We typically advise sellers to remove clutter and personal items to help buyers imagine their own future lives within the home. Sometimes, that means repainting or redecorating in a more neutral palette. Of course, this shouldn’t stop you from embracing your own style now—just be aware that you may need to walk back your aesthetic prior to selling. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Japandi Style

Not quite ready to embrace maximalism? Japandi style, which blends Japanese and Scandinavian influences, offers a more subdued approach that still has plenty of character. The look dates back about 150 years to a time when many Scandinavian designers were traveling to Japan for inspiration.⁵

Japandi style brings together clean lines, simplicity, and a focus on natural elements and light. It emphasizes the beauty in imperfection, or “wabi sabi,” and a deep connection to Mother Earth. And like Scandinavian decor, the look prioritizes comfort and a sense of sanctuary in the home.⁵

Interested in playing with Japandi? Common features include calming color palettes and organic materials like raw wood and bamboo. Try softening harsh edges with softer textures, like cozy blankets and ceramic pieces.

The look also minimizes clutter, but that doesn’t mean you need to be a minimalist. Instead, Japandi style embraces storage solutions like baskets, folding screens, and sofas with built-in storage to give everything a place.⁶ If you’d like some help implementing Japandi-style organization in your home, contact us for a list of recommended professionals. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Mixed Metals

Mixing metals used to be a “no-no.” But in 2024, it’s definitely a “yes.”

According to designers, mixing the colors and finishes of metal fixtures and hardware can bring visual interest to a room—as long as you go about it the right way.^1,7

The most important rule to keep in mind is to stay away from near matches, like brass and gold—that’s more likely to look accidental than intentional. Instead, go for bold contrast: Think polished nickel and matte black.⁷

Some designers recommend using each metal at least twice in a room to make it look cohesive. Another good rule of thumb is to stick to two types of metals in a small room and two to three in a larger space.⁷

Finally, you might think about playing with undertones (brass is warm, chrome is cool) to change the “temperature” of a room. And don’t be afraid of a little shine—many designers predict that a retro, high-polished look will replace matte finishes in 2024.⁸

Want some help sourcing fixtures and hardware in a variety of finishes? Reach out for a list of our favorite retailers. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Wood Cabinetry And Accents

The all-white kitchen has been ubiquitous in recent years. But in 2024, classic wood cabinetry is back in a big way.⁹ In fact, industry professionals surveyed by the National Kitchen & Bath Association predict that wood cabinets will be more popular than white in the next three years.¹⁰

Natural wood tones offer a sense of warmth and natural beauty.¹¹ And today’s cabinets aren’t anything like the heavy, dated versions of the past. Instead, light to medium versions—like white oak and walnut—and warmer undertones are trending.⁹

The addition of wood-grain accents to painted kitchen cabinets—like with a contrasting island or range hood—is another popular option.¹²  And wood continues to be a favored choice for flooring. A recent survey found that 40% of homeowners opted for either hardwood or engineered wood when renovating their kitchen floors.¹³

You can also expect to see more wood in bathrooms in 2024. According to Houzz, last year, wood vanities surpassed white in popularity for the first time in recent years, and designers expect the trend to continue.¹² While white countertops and walls still dominate bathrooms, a wood-grained vanity brings a relaxed, organic element into the space.

Dreaming about new cabinets or hardwood floors? We’d be happy to share a list of recommended trade professionals who can help. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Timeless Renovations

In its latest Kitchen Trends Study, Houzz found that “nearly half of homeowners (47%) opt for a timeless design as a sustainable choice during renovations.” Respondents cited long-term cost effectiveness and environmental consciousness as their main motivators.¹⁴

In a rapidly changing, technology-driven world, it’s no surprise that homeowners want a nurturing space with lasting appeal—especially if they plan to stay in their homes for years to come.¹²

Traditional materials and quality craftsmanship lie at the core of timeless design, which some designers are calling “quiet luxury.”¹⁵ Think of enduring classics, like hardwood floors, hand-crafted tiles, and marble countertops.¹² A timeless color palette will also often include warm neutrals and muted shades of blue and green.¹⁵

If you’re thinking about remodeling, it’s wise to incorporate as many classic elements as you can. These stylistic choices tend to hold up well over time, which can prolong the life of your investment and make it easier to sell your home down the road. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

BEAUTIFY YOUR HOME WHILE BOOSTING ITS VALUE

If you’re thinking about making design changes—whether that’s repainting or a full remodel—it’s important to be informed about how your choices could impact your home’s resale potential. Buyer preferences can vary significantly based on your home’s neighborhood and price point. Before you begin your project, reach out to discuss your plans and how they could impact the value of your home. Want to upgrade your home with these 2024 design trends? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. HGTV 
2. The Spruce 
3. The Spruce 
4. Homes and Gardens
5. The Spruce
6. House Beautiful
7. The Spruce  
8. The Spruce 
9. Good Housekeeping 
10. Better Homes and Gardens 
11. Real Simple 
12. Houzz 
13. Houzz
14. Houzz 
15. Better Homes and Gardens

Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136. A growing share of home buyers and sellers sat on the sidelines last year as the pace of home sales continued its downward trajectory. [1] In fact, since the Federal Reserve began its series of interest rate hikes in 2022, the combination of higher borrowing costs and record-high home prices has fostered the steepest real estate market slowdown since the 2008 recession. [2]

Priced out of the market, a generation of would-be buyers has been forced to delay their plans for homeownership. [3]  At the same time, current owners—reluctant to give up their pandemic-era mortgage rates—are waiting to sell, which has resulted in a sharp drop in listings. [4]

But there may be some relief in sight: In December, the Fed signaled that it was done raising interest rates—and suggested that it could cut rates by 0.75% over the coming year. While mortgages don’t directly follow the federal funds rate, they typically move in tandem—so cheaper home loans may finally be on the horizon. [5]

Lower mortgage rates should bring some much-needed movement back into the real estate sector. But with a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to changes.

What does that mean for you? Read on to learn more about the current state of the U.S. housing market, the potential opportunities for buyers and sellers, and economists’ predictions for the year ahead.

HOME PRICES WILL REMAIN RELATIVELY STABLE

Not even 8% mortgage rates could bring home prices crashing down in 2023, as some prospective home buyers may have hoped. In fact, on average, U.S. property values ended the year higher—with declines in some areas of the country offset by appreciation in others. [6]

Prices typically fall when rising interest rates drive down demand. So what’s keeping home values high?

Mike Simonsen at Altos Research points to a nationwide housing shortage: “Declining home prices probably require that supply-and-demand imbalance, and what we have is really a balance. There’s a balance between low demand and low supply.” [7]

Analysts expect that equilibrium to continue to prop up home prices in 2024, although the specific forecasts vary. For example, economists at Realtor.com predict that the median home price will fall slightly, by 1.7%, while those at Fannie Mae project modest price growth of 2.8%. [6,8]

However, experts widely agree: Mortgage rates will be the largest driver of property values. If rates fall faster than expected, more buyers will enter the market—which could send home prices soaring higher.

What does it mean for you?  There’s no evidence that home prices are headed for a major decline. So if you’re ready and able to afford a home, this is a great time to test the waters. The best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy.

And if you’ve been waiting to sell your home, this could be your year. Price growth has slowed, so now is the time to maximize your equity gains while minimizing your competition. Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136. We can give recommendations and to find out what your home could sell for in today’s market.

MORTGAGE RATES SHOULD FINALLY TREND DOWN

The best news we’ve got incoming for 2024? The extra-high mortgage rates that have weighed heavily on the real estate market may finally be headed south.

At its December meeting, the Fed signaled that the worst is likely behind us and that it expects to cut its overnight rate in 2024. Analysts predict that mortgage rates will fall in lockstep. [5]

“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Freddie Mac’s Chief Economist Sam Khater following the announcement. [9]

The average 30-year fixed mortgage rate has already declined from an October high of around 8%, and analysts at Fannie Mae, the Mortgage Bankers Association, and Realtor.com all forecast that rates will trend down this year, ending 2024 closer to 6%. [7]

However, it’s not all good news: It appears that the days of 3% mortgage rates are firmly behind us. “As long as the economy continues to motor along, the new normal of higher rates is here to stay,” explains Greg McBride, chief financial analyst for Bankrate. [4] So, when it comes to a home loan, borrowers may need to adjust their expectations.

What does it mean for you?  If you’re a prospective home buyer, declining mortgage rates could give you the opportunity to lock in a more affordable monthly payment. And if you purchase before the market reheats, you could secure an especially good deal. To find the lowest rate, it pays to compare lenders. Ask us to refer you to a mortgage broker who can help you shop around for the best option.

Sellers also have reason to celebrate buyers’ lower interest rates: As the barriers to entry to the housing market decline, they could enjoy more or better offers. Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136. Let’s discuss how we can help you maximize your home’s sales potential.

LOWER RATES WILL BRING SOME BUYERS AND SELLERS BACK TO THE MARKET

Over the past couple of years, higher mortgage rates have cooled home buyer demand. They’ve also delayed the plans of many home sellers, who have been reluctant to trade in their current mortgages for loans that are several points higher.

With so many market participants playing the waiting game, the real estate sector has slowed significantly. National Association of Realtors (NAR) Chief Economist Lawrence Yun estimates that the number of existing home sales fell by 18% last year following a 17% decline in 2022. [10]

However, as financing costs tick down, sales volume is expected to rise. “Lower mortgage rates would help spur home sales activity, which [is] expected to increase in 2024 compared to 2023,” explains Selma Hepp, chief economist at CoreLogic. “Declines in mortgage rates will drive more sellers to trade their existing home and help add much-needed inventory to the market, leading to more transactions.” [4]

There’s also evidence that the patience of holdout home buyers may be waning, despite higher borrowing costs. A recent survey by Bank of America found that the number who are willing to wait for prices or mortgage rates to decline before making a purchase fell from 85% to 62% in just six months. [11]

“When it comes down to it, if buying a home is your goal and within your budget, the best time to buy is when you’re ready financially and you can find a home that fits your needs,” Matt Vernon, head of consumer lending at Bank of America, advised in a recent release. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.” [11]

What does it mean for you?  If you’ve been waiting to buy a home, you might want to consider purchasing before the competition picks up. Pent-up demand could bring a flood of buyers back into the market as mortgage rates decline. Contact us if you’re ready to begin your home search.

If you’re hoping to sell this year, you may also want to act fast. An increase in listings will make it harder for your home to stand out. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136. We can schedule a free consultation.

THE HOUSING SUPPLY SHORTAGE WILL PERSIST

Will home buyers who are eager for options have more homes to choose from this year?

Yun thinks so. He believes sellers will soon grow weary of waiting to list. “Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,’” the NAR economist speculated at a November conference. “Listings will steadily show up, and new home sales will continue to do well.” [10]

But not everyone agrees. Economists at Realtor.com forecast that inventory could drop by as much as 14% this year. The decline in existing homes for sale has been compounded by a persistent shortage of new construction, with single-family housing starts falling 10.3% in 2023 and 11.2% in 2022. [6]

Even so, newly-built homes are playing an increased role in easing the supply crunch, accounting for around one-third of all homes for sale in 2023—which was twice the historical average. [12] But new construction alone isn’t expected to fill the inventory gap.

According to First American Financial Corporation’s Chief Economist Mark Fleming, the U.S. currently has a shortfall of around one million homes, and conditions won’t ease until individual owners re-enter the market. “Only when more homeowners decide to sell, and then buy again, will housing supply and the pace of sales return to anything resembling normal.” [13]

​​What does it mean for you?  Inventory remains tight, but buyers can benefit from the search expertise of a real estate professional. We can tap our extensive network to access off-market and pre-market listings while helping you explore both new construction and existing homes in our area.

While sellers will continue to benefit from the low-inventory environment, they should be prepared to compete against brand-new homes. We can help you prep your property for the market and highlight the features most likely to appeal to today’s buyers. Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

WE’RE HERE TO GUIDE YOU

While national real estate forecasts can give you a “big picture” outlook, real estate is local. And as local market experts, we know what’s most likely to impact sales and drive home values in your neighborhood. As a trusted partner in your real estate journey, we’ll keep our ears to the ground so that we can guide you through the market’s twists and turns.

If you’re considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals.

Want to know about the real estate market forecast in 2024? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.      CNN 

2.      Goldman Sachs 

3.      ABC News 

4.      Bankrate 

5.      CBS News 

6.      Realtor.com 

7.      NerdWallet 

8.      Fast Company 

9.      Freddie Mac 

10.   National Association of Realtors 

11.   Bank of America 

12.   Marketplace 

13.   First American 

You can furnish your new home for less. The Miller Team can help! Reach out by calling or texting at 256-652-3136. Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter. Keep reading for 35 tips to furnish your new home for less!

But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms.[1]  Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget.

But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you.

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher.[2]  That’s why we recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check.

• Make a list of everything you need. Going room by room could help you brainstorm—for example, you might list items ranging from a mattress to blackout curtains for your new primary bedroom.

• Inventory what you already have. Cross the big (dining table) to the small (kitchen knives) off your list as you go.

• Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table for your living room), and pieces that can wait (an area rug).

• Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed, and start researching the items on your priority list to understand how they’ll fit into your budget.

• Don’t rush the process. Bringing older items to your new space doesn’t mean you need to keep them forever. Consider hanging onto pieces that can tide you over for a year or two until your bank account has recovered from the costs of a home purchase.

Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. We can inform you of the standard contract terms when you’re making an initial offer and note any additional items that you would like to request.

TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:[3,4]

• Bedding and linens: January
• TVs: Black Friday/Cyber Monday and late January (before the Super Bowl)
• Furniture: February and August, as well as Black Friday, Memorial Day, and Labor Day
• Large appliances: Labor Day through October
• Small kitchen appliances: May
• Mattresses: Holiday weekends, especially Memorial Day, Labor Day, and 4th of July
• Vacuum cleaners: April
• Tools: June
• Outdoor furniture: August through October

Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals. If the item you’re looking for is seasonal—like patio furniture or holiday decorations—waiting until the end of that season usually pays off.

FIND ALTERNATIVE SHOPPING SOURCES

Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is). There are plenty of surprising places to find great furniture and houseware deals.

• Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.[5]

• Try private membership/warehouse stores. Retailers like Costco and Sam’s Club often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit.

• Consider open-box items. When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock.

• Give scratch-and-dent appliances a chance. These appliances are brand new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic—but it’s always possible that the merchandise has suffered more serious damage. So, be sure to check out the appliances carefully and ask about included warranties.[6]

• Expand your window treatment search. Window treatments can be surprisingly expensive, but it’s often possible to save by buying off-the-shelf offerings in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself.

• Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Craigslist are all great places to find deals in your area.

Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need—everything from furniture to clothing hangers—for free to other members.[7.8]

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

Many people don’t realize that prices for home goods, from furniture to appliances, are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, although more so at independently-owned stores than chains. Here are a few tips:[9,10]

• Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.

• Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons.

• If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees.

• Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or senior citizens on certain days or times of the year.

• Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection.

• Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition.

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Sometimes furniture and appliance stores will offer complimentary delivery or installation if you spend a certain amount or purchase multiple items. You can furnish your new home for less. The Miller Team can help! Reach out by calling or texting at 256-652-3136.

MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

Every penny counts when you’re on a budget—and spending a little extra time maximizing reward programs and discounts is usually worthwhile.

• Sign up for a change of address kit with the United States Postal Service. You’ll need to do anyways to forward mail to your new address, and it comes packed with valuable coupons. [11]
• Make sure you never miss a sale. Sign up for your favorite retailers’ email lists and follow them on social media for discounts and sale alerts.
• Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon.
• Consider store credit cards (carefully). Store credit cards can offer significant discounts—but only charge items you can pay off right away to avoid interest, and never open new lines of credit until your home purchase is complete, since it can affect your credit score.
• Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Honey can help you find coupon codes and give you cash back on purchases.

While you’re at it, why not set up a housewarming registry? [12]  You can share the link with family and friends if they ask what you need—and you can also use it to score discounts. Many stores offer a percentage off to help you buy unpurchased items on your registry. You can furnish your new home for less. The Miller Team can help! Reach out by calling or texting at 256-652-3136.

GET CREATIVE

If you want to avoid a cookie-cutter home aesthetic—and save a few bucks—try reimagining your existing furniture and how it could fit into your new space. Here are a few of our favorite strategies.

• Repurpose what you have. Instead of buying a new item to fit a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a mismatched dining chair in your home office.

• Upgrade existing items. Sometimes, a new coat of paint or varnish, or simply swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. You can also keep this strategy in mind if you see second-hand items that would be just right if they were a different color or had nicer fixtures.

• Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, think about getting it reupholstered in new fabric instead of replacing it.

• Get handy. Building furniture is certainly not for everyone, but with some basic tools and help from the internet, you may find that simple items like headboards are well within your grasp. You might also be able to repair pieces you already have and avoid shopping altogether.

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of our recommended service providers. You can furnish your new home for less. The Miller Team can help! Reach out by calling or texting at 256-652-3136.

WE’RE HERE TO HELP

 We know budgeting for a new home can be overwhelming, and we want to make the process easier for you. If you’re considering a home purchase, we can advise you on a realistic budget and help you review your options. We can also offer insights on other financial considerations and programs and incentives that can help make homeownership more attainable. Reach out for a free consultation.

You can furnish your new home for less. The Miller Team can help! Reach out by calling or texting at 256-652-3136.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1. Bankrate
2. Furniture Bank 
3. US News 
4. NerdWallet
5. Business Insider
6. CNET
7. Real Simple
8. Freecycle
9. Consumer Reports 
10. Realtor.com
11. The Krazy Coupon Lady 
12. Taste of Home

Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

If your home no longer serves your needs, you may be torn between relocating to a new home or renovating your existing one. This can be a difficult choice, and there’s a lot to consider—including potential costs, long-term financial implications, and quality of life.

A major remodel can be a major commitment. From hiring contractors to selecting materials to managing a budget, it can take a tremendous amount of time and energy—not to mention the ordeal of living through construction or relocating to a temporary residence.

On the other hand, moving is notoriously taxing. In fact, in one survey, 40% of respondents viewed buying a new home as ”the most stressful event in modern life.” [1]

So which is the better option for you? Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Let’s take a closer look at some of the factors you should consider before you decide.

What Are Your Motivations for Making a Change?

It’s possible that some of the limitations of your current home can be addressed with a renovation, but others may require a move.

Renovate

Certain issues, like dated kitchens and bathrooms, are fairly easy to remedy with a remodel—and the results can be dramatic. In many cases, a relatively minor renovation can significantly increase your enjoyment of your home.

Other shortcomings can be more challenging to fix but are worth exploring so that you know your options. For example, if your home feels cramped or it lacks certain rooms, you might be able to make changes like installing an extra bathroom, adding a dedicated office, or finishing an attic or basement. You may even be able to build an accessory dwelling unit or extension to accommodate a multi-generational family.

In fact, many Americans have remodeled their homes to meet changing needs since the start of the pandemic. According to the National Association of the Remodeling Industry, 90% of their members reported increased demand for renovations starting in 2020, and 60% reported that the scale of remodeling projects has grown. [2]

However, the feasibility and cost of these larger changes will depend on factors ranging from zoning and permitting to your home’s current layout. Speaking with an architect or a contractor can help you make an informed decision. Let us refer you to one of our trusted partners to ensure you receive the best possible service.

Relocate

Of course, sometimes, even rebuilding your home from the ground up wouldn’t solve the problem. For example, moving may be the only solution if you’ve switched jobs and now face a lengthy commute or if you need to live closer to an aging family member.

Conversely, if the shift to remote work has opened up your location options, you may wish to seize the opportunity to relocate to a new locale. A 2022 study found that nearly five million Americans had already moved since the start of the COVID-19 pandemic due to increased flexibility from remote work, and nearly 19 million more were planning to move in the near future for the same reasons. [3]

Moving may also be the best option, even when you’re happy with your geographic location. A local move may make sense if you’re looking for a larger backyard or significantly more space. Similarly, some frustrations—like living on a busy street or a long way from a grocery store—can’t be addressed with a renovation. We are well-versed in this area and can help you determine whether another neighborhood might suit you and your family better.

Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Which Option Makes the Most Financial Sense?

Renovating and relocating both come with costs, and it’s wise to explore the financial implications of each choice before you move forward.

Renovate

The costs of a renovation can vary widely, so it’s vital to get several estimates from contractors upfront to understand what it might take to achieve your dream home.

Be sure to consider all of the potential expenditures, from materials and permits to updates to your electrical and plumbing systems. It’s also prudent to add 10-20% to your total budget to account for unexpected issues. [4]  If you plan to DIY all or part of your renovation, don’t forget to factor in the value of your time.

Renovations can also come with hidden expenses. These might include:

●      Additional home insurance

●      Short-term rental or hotel if you need to move out during the renovation

●      Storage unit for possessions that need to be out of the way

●      Dining out, laundry service, and other essentials if you can’t access appliances at home

Remodeling choices can also impact the long-term value of your home. Some projects may increase your home’s value enough to outweigh your investment, while others could actually hurt your home’s resale potential.

For example, although you may enjoy the additional living space, garage conversions aren’t typically popular with buyers. [5] Refinishing hardwood floors, on the other hand, brings an average return of 147% at resale. [2] The specific impact of a renovation will depend on a number of factors, including the quality of work, choice of materials, and buyer preferences in your area. We can help you assess how a planned project is likely to affect the value of your home.

Relocate

The cost of a new home, of course, will vary significantly depending on the features you’re seeking. However, you may find that it’s cheaper to move to a home that has everything you want than it is to make major changes to your existing one.

For example, adding a downstairs bedroom suite or opening up a closed floor plan could cost you more than it would to buy a home that already has those features. On the other hand, simpler changes and updates probably won’t outweigh the expense of a relocation.

If you’re considering a move, speak with a real estate agent early in the process. We can assess your current home’s value and estimate the price of a new home that meets your needs. This will help you set an appropriate budget and expectations.

It’s important to remember that the cost of buying a new home doesn’t end with the purchase price. You’ll also need to account for additional expenditures, including closing and moving costs and the fees involved with selling your current home. And don’t forget to compare current mortgage rates to your existing one to understand how a different rate could impact your monthly payment.

However, keep in mind that the interest rate on a mortgage is typically lower than the rate on other loan types—so you could pay less interest on a new home purchase than you would on remodel. [6] We’re happy to refer you to a lending professional who can help you explore your financing options.

Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

Which Option Will Be the Least Disruptive to Your Life?

A final—but critical—consideration is the time and hassle involved with each option since both renovating and relocating involve a significant amount of each.

Renovate

Don’t underestimate the time and effort involved in a large-scale renovation, even if you choose to hire a general contractor. You will still need to consider and make a number of decisions. For example, even a fairly basic kitchen remodel can involve a seemingly-endless selection of cabinets, tile, countertops, paint colors, fixtures, hardware, and appliances.

And don’t assume that you will get out of packing and unpacking if you stay in your current home. Most renovations—from kitchens to bathrooms to flooring replacement—require you to remove your belongings during the construction process.

The time frame for a remodel is another consideration. High demand for contractors and ongoing material shortages can mean a long wait to get started. And once the project is in progress, you can expect that it will take a couple of weeks to several months to complete. [7]

Contemplate whether you will be able to live in your home while it’s being renovated and how that would impact your routine. For example, being without a functional kitchen for months can be frustrating, inconvenient, and expensive (since you’ll need to purchase prepared food). Remember that delays are inevitable with construction, and consider what additional challenges they could present.

Relocate

Of course, finding a new home and selling your current one also takes a significant amount of time and energy. According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the average buyer searched for 10 weeks and toured a median of five homes. [8]

However, in many cases, the timeline can still be shorter than a major renovation. Once you find a home that works for you, it typically takes between 30 and 60 days to close if you’re taking on a mortgage—and the process is even faster if you’re paying with cash. [9]  Plus, you can look for your dream home without the inconvenience of living in a construction zone.

However, a move comes with its own stress and disruptions. If you’re selling your current home, you’ll need to prep it for the market and keep it ready and available for showings. Once you’ve found a place, the packing and moving process takes time and work, as does settling into a new home—especially if it’s in a different neighborhood.

Fortunately, we are here to help make the moving process as easy as possible, if you choose to pursue that route. We can help you find a property that meets all your needs, sell your current one for top dollar, and refer you to some excellent moving companies that can help pack and transport your belongings.

Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136.

WHATEVER YOU DECIDE, WE CAN HELP

The decision to renovate or relocate can be overwhelming—but this choice also presents a powerful opportunity to improve your quality of life.

There’s a lot to consider, from how renovations could impact your home’s resale value down the road to your neighborhood’s current market dynamics. We’re happy to help you think through your options. Should you renovate or relocate? The Miller Team can help! Reach out by calling or texting at 256-652-3136 for a FREE consultation.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.      HousingWire

2.      National Association of the Remodeling Industry

3.      Business Insider

4.      Forbes

5.      U.S. News & World Report

6.      Bankrate

7.      House Beautiful

8.      National Association of Realtors

9.      Forbes

Hampton Cove home values are constantly changing. For an accurate assessment of your home’s value, call or text 256-384-4148. Hampton Cove is a hidden gem that offers a peaceful and picturesque setting for families, nature enthusiasts, and anyone seeking a tranquil suburban haven. This charming neighborhood, located in the southeastern part of Huntsville, is more than just a place to live; it’s a community that captures the essence of Southern hospitality and natural beauty.

Why Should You Move to Hampton Cove?

Hampton Cove is situated on the eastern edge of Huntsville, Alabama, and is surrounded by the rolling hills of the Appalachian Mountains. The neighborhood enjoys a convenient location, with easy access to the city’s amenities while still maintaining a sense of seclusion and tranquility. The lush greenery of the area makes it an inviting place for those who appreciate the beauty of the great outdoors.

The neighborhood prides itself on offering a strong sense of community. Neighbors here quickly become friends, and you’ll find yourself part of a tight-knit network that welcomes newcomers with open arms. The serene atmosphere and peaceful surroundings make it a haven for families, retirees, and anyone looking to escape the hustle and bustle of the city. The area is renowned for its top-notch schools, beautiful parks, and a wide range of recreational amenities.

Schools in Hampton Cove

For families, the quality of education is often a primary consideration when choosing a place to live. Hampton Cove is home to some excellent schools, including Hampton Cove Elementary, Hampton Cove Middle School, and Huntsville High School. These schools consistently receive high marks for academic achievement, creating a nurturing environment for children to thrive. The dedicated teachers and supportive community make Hampton Cove an ideal place to provide your children with a solid educational foundation.

Things to Do in Hampton Cove

Hampton Cove offers a wealth of recreational opportunities to keep you and your family engaged year-round. If you’re a golf enthusiast, the Robert Trent Jones Golf Trail is a must-visit, featuring two beautiful courses that wind through the picturesque landscape. The Flint River is perfect for kayaking, fishing, and picnicking, offering a serene escape for outdoor lovers. The numerous parks and trails in the area provide ample opportunities for hiking and biking. And when you’re in the mood for some relaxation, Hampton Cove Lake is the perfect spot to unwind with a good book or enjoy a serene sunset. For the kids, Cove Universal Playground is a state of the art, inclusive playground to children and caregivers of all abilities, cognitive and physical. It also has some really cool and unique equipment to get our kids outside, playing, communicating, and engaging with new and old friends.

In addition to outdoor activities, Hampton Cove hosts a variety of community events, from farmer’s markets to seasonal festivals, ensuring there’s always something exciting happening in the neighborhood.

Hampton Cove, Alabama, is an idyllic neighborhood that seamlessly blends Southern charm with natural beauty. If you’re looking for a welcoming community, outstanding schools, and a plethora of recreational activities, Hampton Cove might just be the perfect place for you. Come and discover the charm of this remarkable neighborhood with its picturesque landscapes and charming homes. Hampton Cove is a true Southern treasure.

Hampton Cove home values are constantly changing. For an accurate assessment of your home’s value, call or text 256-384-4148.