Dallas is booming and the housing market is hot. It is the hottest it has been since before the recession. And, a number of our clients are responding by engaging us to renovate their homes.
Odd? Perhaps. Yet, there are a number of good reasons for it.
First, there aren’t many houses available to buy in the current market. This makes finding a new home that has all the features you want difficult. Upgrading your current home to include all the amenities and aesthetics you desire becomes a very viable alternative.
Even if you were to find the perfect home in this current market, and it is expected that the market will stay this hot, the price has increased dramatically, making it harder to afford. This also means the value of current homes has increased dramatically as well. The increased equity makes it easier to afford a complete renovation. Couple this with the current low bank rates and you have an even more prudent reason to renovate.
There is another excellent motivation to renovate your current home. Depending on where you live in the Dallas / Fort Worth area, you may also be able to take advantage of city tax incentives when you remodel. For example, one of our Richardson, Texas-based clients built a second-floor addition to their home. They were able to take advantage of the City’s Home Improvement Incentive Program, which will give them credits on their property taxes to be applied over the next five years. The amount was proportional to the value of the improvements made.
If you are thinking about upgrading where you live in the Dallas area, the better home very well could be your current house with a well-planned, well-executed renovation.
HPD Architecture specializes in residential architecture and interior design. We can show you the benefits of remodeling your current home and making it the home of your dreams. You might also be interested in this related post on The Cost of Building a House.
Laura Davis is a registered architect and interior designer in the state of Texas and Colorado, and a founding member of hpd architecture + interiors. Laura's extensive experience includes residential as well as commercial and retail projects. She also has a particular interest in restoration, holding a certificate in Historic Preservation. She is energized by the character of older homes and the stories of those who have lived there. Responding to the needs of the current owner, while also honoring the personality of the original home is a delicate process to be enjoyed.