Moving into your dream home doesn't guarantee you won't one day get the itch. You know the one — it starts with a light tingly sensation and only fades after you browse virtual open houses for several hours (or longer). Okay, back up.
Additional family members, hobbies, or remote work options can make even a dream home feel crowded. But, new home shopping isn't necessarily the answer. Many of those expansive floor plans are also more expensive than your current home. To make matters worse, you love your neighborhood. All of these facts don't stop the itch from returning. Nor does spending weekends chatting up model home representatives.
When the itch gets to the point where you think you might need the help of a dermatologist… I mean a real estate agent, take a deep breath. The solution might lie in your existing home. You may be able to calm that itch with a room or garage conversion. It's a lower cost alternative to expanding your living space without putting your home on the market.
Updating that area in your current home could be a serious money maker if you turn it into a space you can rent out to people who need overnight accommodations, extended vacation rentals, or shared workspaces. You can also apply the profits to the cost of the conversion to reduce your overall spend. The longer you live in the home after the remodel, the more money you could earn.
Consider converting the space into something the whole family can enjoy, like a luxury movie theater. And don't stop with a 90" screen and surround sound — include a fully-equipped bar, popcorn machine, and leather recliner seating.
A two-car garage could also serve double duty if you have young children and older adults living in your household. A recent study found that multigenerational living nearly quadrupled in the past decade. By converting part of the space into a playroom and the rest of it into an in-law suite, you can have more space for everyone while avoiding the hassle and expense of moving to a larger home.
Transforming that space in your current home can give you the ability to satisfy the itch you have for extra living space without putting your house on the market. Whether you are looking for a home gym to save on time, gas, and membership fees, or carving out your own space for a more comfortable - and spacious living situation, a home equity line of credit can help you tap the equity in your home and fund your dream project today. Give us a call at (800) 328-5328 to learn more, or apply online for an estimate of your eligible line of credit. Your happy place could be just a few steps from your front door!