In 2020 some of us were fortunate enough to score a home with an ultra-low interest rate. I lovingly think about my 3.5% interest rate and choked on my coffee when I heard they had spiked above 8% less than 5 years later. While the low rates are desirable, the homes we purchased may not be as dreamy.
What we see are a lot of homes becoming rentals that help fund the purchase of a new home with a higher interest rate. Yet, many of us are meant to be landlords. Managing two households and overpaying for a new home is too much.
So, How do you keep your 3% interest-rate and get a home you want to live in?
Simple. Renovation.
“Ugh, I can’t wrap my head around renovating my house.”
Being hesitant about renovating is understandable. We have all seen homes that are in the infinite cycle of unfinished projects, gutted walls, and construction dust. However, this month I put together a Q&A from questions we get at Kell Architects about renovations. Hopefully, this will stir up some inspiration and tone down the anxieties of considering remodeling.
Q: My house is awkward, and I feel like everything is in the wrong place. What can be done?
A: Work with an architect on making a floor plan that flows. Architects understand how people move through their homes, can detect pain points, and will provide solutions that can be as simple as moving a doorway or as complex as swapping the functionality of a room with another.
In the Hen House, a laundry room was moved to the second floor in a space that was available once the secondary back stairwell was removed. On the main level, the old stair space plus the old bathroom became a part of the gracious kitchen. The family changed up their floor plan to open up gathering areas and moved functional rooms closer to where they are most necessary.
Q: I want to work with an architect, but I don’t need to remodel everything. Do I need to remodel my whole house?
A: No! Architects can consult and work on projects of all sizes. Their expertise comes in handy on small projects when you need someone who can see the big picture down to the tiny details. They also help shepherd projects from concept through completion.
The Wellesley House is a perfect example. The owners started with 1 smaller project, and over time, they have chosen to renovate more spaces in their home. This is a beautiful example of a family that wanted to stay in their beloved neighborhood rather than move to a new house. Renovations don’t need to happen all at once, and they don’t need to be big overhauls.
Q: I bought my condo for a great price, but it’s so drab. Are condos worth renovating?
A: Yes, condo renovations are worth it. The smaller spaces can help us focus on the style, materials, and functionality of each room. Sometimes, a condo can lack personality, and the homeowners feel like they’re living in a transitional space rather than anchored to their home. Give your condo the opportunity to become a hidden gem among the skyscrapers.
The City Living project came to us for this exact reason. This condo wasn’t presenting the vibes or character that represented the owners. They worked with Kell Architects to bring in style, texture, lighting, and a flow to the floor plan. Changing the space from a limbo apartment to a luxury high-rise home.
Help me save my 3% interest rate!
Keep your low interest rate by renovating and remodeling the house you own.
Want to work with Kell Architects?