For many homeowners, 2024 will be the year of home improvement. With mortgage rates sitting well above 6%, most aren’t willing to enter the housing market – which would mean essentially swapping their sub-4% mortgage rates for much higher ones.
Instead, renovating their existing homes will make more sense – allowing them to hold onto those low rates while making their properties more comfortable, livable and convenient.
For example, as U.S. News reports, adding space for in-laws, grown children or even nannies is going to be a big priority in 2024, as few homeowners will look to buy bigger houses, choosing to expand their existing one instead.There are many options for adding this space – including accessory dwelling units (ADUs), guest houses or even garage apartments. In 2023, interest in garage apartments surged 43%, according to The Plan Collection, a housing plan development company.
“The most popular remodeling project I see is to create a separate space for in-laws or au pairs or adult children who are returning home after college,” says Christa Kenin, a real estate agent with Douglass Elliman in New Canaan, Connecticut. It’s a space that “features a bedroom and bathroom and is separate from the main living area, sometimes with a separate entrance.”
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