Invest in home

5 Reasons to Invest in Your Northern Virginia Home Right Now

Invest in homeCertainly, the past two years have been strange and unpredictable to say the least. As we start to see the tides change, new uncertainties loom for Fairfax County homeowners now grappling with rising inflation caused by higher demand, rising interest rates, and a looming recession. 

The good news is that, despite all these concerns, remodeling your Northern Virginia home is a smart investment. Several factors come into play, including a unique housing market, less stretched remodeling firms, better lifestyle value, and improved home equity. 

Let’s take a look at each of these surprising reasons, and show how what seems like the worst time to renovate your home is actually the best time to design and build a new room addition, kitchen, bathroom, home office, home gym, outdoor living space, or other upgrade that you’ve always dreamed of. 

Reason #1: The Housing Market is Stable

So many factors are impacting the housing market that it’s easy to get confused. Part of the reason is that home prices and sales have skyrocketed since the pandemic began, and are at long last stabilizing. That makes it seem like the market is in far worse shape than it actually is. 

Here are some numbers to prove that: According to the Federal Reserve Bank, median home prices have shot up nearly 36% over the past couple years, and have come down only 2.4% over the past month. So the “downturn” is the housing market returning to ‘more normalized conditions.’

In terms of what’s around the bend, the National Association of Realtors (NAR) predicts that home prices will go up 11% the rest of 2022, and level off at 2% for 2023. So much for a looming “recession”–your home’s value is set to remain 30% higher than what it was in 2020.

Reasons #2: The Remodeling Market is Calming Down

If you think inflation is bad now, spending on remodeling throughout the pandemic was nearly triple that rate. That meant consumer demand was through the roof, and remodeling firm supply couldn’t keep up. The results were long wait times, high costs, and low homeowner satisfaction. 

Another ongoing challenge has been global supply chain issues, which also boosted wait times and costs for critical materials and appliances. But the National Association of Home Builders reported a record 4.1% decline in material costs in one month, signaling a turning of the tide. 

And yet another pandemic silver lining is interest rates. The Job Center for Housing Studies at Harvard predicts they’ll calm the overall market down, enabling your favorite remodeling contractors in Northern Virginia to dedicate themselves to your business, and do it more affordably than ever.

Reason #3: Live Better in the Home You Love

Home prices, sales, and materials costs are a numbers game, while you and your family’s happiness is difficult – if not impossible – to quantify. That’s especially true when you consider all the feelings associated with living in a home that’s beautiful, efficient, and comfortable. 

Since much has been made about “lifestyle value” related to home ownership and renovation, the NAR decided to give its measurement a shot. In 2017 they created a mathematical algorithm to capture homeowner sentiment regarding their houses, and called it a “Joy Score.” 

Turns out that the Joy Score for homeowners who remodeled their houses, and did it with the help of experienced contractors, was substantially higher than those who didn’t remodel at all, or insisted on doing it themselves. The takeaway: Dream homes are a dream come true!

Reason #4: Get a Home Loan While Your Equity is Hot

Getting a HELOC, or Home Equity Line of Credit is a good idea now, thanks to the value of your home being so high. Since HELOCs have variable rates directly tied to the Fed’s interest rate, it’s a classic “use it or lose it” scenario to get the most value while your home equity is highest.  

All HELOCs have what’s called a draw period, and a repayment period. During the former you are able to borrow money, and may only be responsible for paying the interest. After that period is over, you’ll have to start repaying the loan and the interest charged by your bank.

Essential pros: interest rates are usually lower than for other lines of credit; you can borrow exactly as much as you need when you need it; you get great tax benefits. The cons: annual fees; over-borrowing; unexpectedly variable and high interest rates; unstable housing market. 

Summary: Now’s Actually a Great Time to Renovate!

Although we’re all reluctant to read the newspaper each morning, the headline is surprisingly good for Fairfax County residents who want to improve their homes, financial standing, and quality of life. Despite all the doom and gloom, the future is bright, especially for remodels. 

As we’ve seen, that’s because many of the factors that make consumers jittery have become incentives to invest in the renovation you’ve been putting off. You have a chance to do it efficiently, affordably, and spectacularly this chaotic year. The time is now to make it happen. 

Another vital consideration is your choice of Northern Virginia contractor. Make sure you’re partnering with a true “Design-Build” firm, one where the up front planning, design and project management is seamlessly connected to the actual construction work. Great communication is key!

Reason #5: Partner with the Best Design-Build Firm in Northern Virginia

Award-Winning Historic Home Renovation and Two-Story Residential Addition in Burke, VASchroeder Design Build is a multi-generational, family owned and operated remodeling firm located in Fairfax, Virginia. Since 1986, we’ve been providing 1,000+ clients throughout Northern Virginia with comprehensive design and construction services. 

We take our proprietary Design-Build process very seriously to ensure our projects are completed on time, on budget, and to client expectations. The first and most vital step is listening to our clients needs and interpreting their vision of a dream home. The design and build phases are seamlessly integrated to ensure continuous communication and a smooth project to completion. 

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1000th Client

Schroeder Design Build Celebrates Its 1000th Client!

1000th Client

On July 31, 2021, Schroeder celebrated its 1000th client, presenting Jason and Susie Fehr with a Certificate of Achievement and a surprise party complete with food, champagne, balloons and a heap full of fun and expressed appreciation!

1000th Clients  Refreshments  1000th client celebration

Since that day, we’ve been moving forward with the Fehr’s whole house remodel, which they are graciously allowing us to share with you as we progress through each phase of the remodel, from design through construction.

Due to a few weather and permitting delays, we broke ground early February. To launch our project start we set up a time lapse camera, which we will be sharing with you upon job completion.

The scope of this project includes a new, large rear addition with a basement and a second floor, which not only expands the size of the home, but allows the homeowners to enjoy modern conveniences and thoughtful design finishes.

Basement:

  • New Game Room
  • New Guest Bedroom
  • Renovated Basement Bath

Main Floor:

  • Large Kitchen and Family Room
  • New Mudroom with Closet Factory cabinetry
  • New Kids’ Study
  • New Powder Room
  • Renovated Living Room
  • One Car Garage
  • New Covered Front Porch

Second Floor:

  • Owner’s Suite with a large Walk-In Closet
  • Owner’s Bath with a large 12-ft shower
  • Second suite with a study and a bathroom
  • Two additional bedrooms with a Jack and Jill bathroom\

Project Photos:

7: Kitchen & Bathroom cabinetry installation
Kitchen Cabinetry Installation  Kitchen Cabinetry Installation
Bathroom Cabinetry Installation  Bathroom Cabinetry Installation

6: Brick columns added to the front of the garage wall
Brick columns added to the front of the garage wall  Brick columns added to the front of the garage wall

5: HVAC Rough-In
HVAC Rough-In  HVAC Rough-In
HVAC Rough-In  HVAC Rough-In

4: Siding installed on Room Addition
Siding installed on Room Addition  Siding installed on Room Addition
Siding installed on Room Addition  Siding installed on Room Addition

3: Framing the walls of the room addition
Framing the walls of the room addition  Framing the walls of the room addition
Framing the walls of the room addition  Framing the walls of the room addition
Framing the walls of the room addition  Framing the walls of the room addition
Framing the walls of the room addition  Framing the walls of the room addition

2: Forming foundation walls
Forming foundation walls  Forming foundation walls  Forming foundation walls
Forming foundation walls  Forming foundation walls  Forming foundation walls
Forming foundation walls  Forming foundation walls  Forming foundation walls

1: Footings are poured, an important part of foundation construction
Footings  Footings with concrete

BEFORE:

BEFORE

Back of the house before demolition, end of February 2022