What to Know About Changing Interest Rates for Your Next Remodeling Project
Homeowners understand the importance of interest rates, especially when it comes to buying a home. But did you know that changing interest rates can also affect your next remodeling project? In fact, homeowners are facing a unique opportunity: home values are skyrocketing while interest rates continue to fall back toward normalcy. Federal Reserve Chair Jerome Powell has signaled a desire to continue cutting rates as inflation eases, which means now is the perfect time to consider using that cheaper debt cost and to add more value to your home.
We’re excited to share with you what you need to know about changing interest rates, how they might impact your next remodeling project, and why you can rely on the home remodeling contractors at Anderson & Rodgers Construction to get you started.
Why Now Is a Great Time to Remodel Your Home Near Lexington, KY
While recent high interest rates have turned a lot of homeowners from starting large remodeling projects, most experts suggest that now is a good time to prioritize renovations. Smaller-scale projects are a great way to make some much-needed changes while getting plenty of return on the investment should you decide to sell your home at some point.
Some changes to consider making are:
- Bathroom remodels.
- Kitchen remodels.
- Basement renovations.
Additionally, interest rates have begun and are forecasted to continue to decrease slightly in the months of September, October, and November, making this a good time for homeowners to invest in those larger projects they’ve been putting off this year. Whether you’re looking for a whole home renovation or an addition near Lexington, KY, our team of experts can work with you and your budget.
Using Home Equity Lines of Credit for Large Remodeling Projects
With more people choosing to renovate their current homes instead of looking to buy, some homeowners are turning to using home equity loans and lines of credit to improve their existing space. Home equity lines of credit (also known as HELOCs) offer ways to finance your remodeling projects, especially with home equity interest rates in 2024 being where they are in today’s market.
By using a home equity line of credit, you can access spending money for bigger projects like total remodels that our local contractors are happy to help you with. Remember: HELOCs typically have interest rates that move with the market, so if rates are anticipated to go down in the next few months (which they are projected to do in October and November), you might end up paying less over time.
Find Home Remodelers Near Lexington, KY
Now is the perfect time to start those smaller remodeling projects you’ve been thinking about, and Anderson & Rodgers Construction is here to help you with any home project you might have in mind. Our construction company near Lexington, KY, has been serving the needs of homeowners and businesses for years, and we can’t wait for you to be our next success story.
Contact us today to get started on your next home remodeling project. Plus, visit our portfolio of home remodels to see why our happy customers say our team can’t be beat.
Anderson & Rodgers Construction is located in Lexington, Kentucky, and Cincinnati, Ohio. We proudly serve the greater Lexington, Cincinnati, and Central Kentucky areas, including Versailles, Georgetown, Richmond, and Winchester.
