Have you ever heard of the term “cocooning”? Cocooning is the phenomenon that says, “My home is my Castle”. It was coined by the futurist philosopher Faith Popcorn back in the 80’s. In many respects, the concept still rings true today.
The difficulties of life cause us to retreat to our home. The home is where we want to spend much of our free time. We perceive our home as a refuge, a safe place to withdraw and relax. Whether it be sleeping, eating, reading, or playing, our home is the focal point of life.
How would you rate your home as fulfilling this function of “cocoon”?
This question means different things to different people. To some, this may mean a computer room and/or office to manage personal business, to others, an extra guest room to accommodate visiting family and friends, and still others, a hobby room to facilitate a favorite leisure time activity.
Whatever it may be, some of us may find ourselves lacking. If that describes you, perhaps remodeling is the answer. Remodeling can be a smart move if the project fits into your budget and your lot lends itself to expansion. But be careful, not all home improvements add value. For example, a minor kitchen remodel may return 153% of original investment while adding a home office will bring back only 46%.
If remodeling seems unlikely, then maybe a move-up is the right decision. The combination of low rates, increasing prices, and brisk market activity may make “now” the perfect time to make the move. You might be surprised to learn how quickly you can sell and buy in today’s market.
Whether remodeling or moving-up, give me a call before making a decision. I can offer valuable advice that will save you thousands of dollars.
All the best,