Exploring Home Improvements vs. Buying a New Home in Today's Market

Money Roots

About the Guest(s):

Liz Zemak is a financial planner and this weeks host of the Money Roots podcast. With years of experience in the financial industry, Liz helps individuals and families make informed decisions about their money and investments. She is passionate about helping people create a comfortable and enjoyable living space without breaking the bank. Through her podcast and articles, Liz provides valuable insights and tips on home improvements, budgeting, and financial planning.

Episode Summary:

In this episode of the Money Roots podcast, host Liz Zemak explores the decision between making home improvements or purchasing a new home. With current mortgage interest rates high, Liz suggests considering upgrading your existing space to create a comfortable and desirable living environment She discusses various ideas for home improvements, such as installing a home security system, investing in a generator, adding an addition to your home, and creating a multigenerational living space. Liz emphasizes the importance of setting priorities, communicating with family members, and creating a budget or spending plan for these upgrades. She also highlights the value of landscaping and curb appeal in enhancing the overall enjoyment of your home. With the current interest rate environment, Liz encourages listeners to explore the possibilities of improving their current homes rather than moving.

Key Takeaways:

• Evaluate your current mortgage interest rate compared to the rates for selling and buying a new home.
• Lay out your priorities and determine the upgrades you want for your home.
• Consider installing a home security system or investing in a generator for added security and convenience.
• Explore the possibility of adding an addition to your home to create more space.
• Communicate with family members to determine their needs and desires for the living space.
• Create a budget or spending plan for the home improvements over time.
• Enhance the curb appeal of your home through landscaping and other exterior upgrades.

Notable Quotes:

• "In today's interest rate environment, it's important to really make the choice to stay in the home that you're currently in if you have one of the lower interest rates." - Liz Zemak
• "Make sure you're communicating with each other and really laying out what's important and what you each are desiring." - Liz Zemak
• "Think about what you can do to create a space that you truly enjoy, even if you rent." - Liz Zemak

Resources:

• Rooted Planning Group

Listen to the full episode of the Money Roots podcast to learn more about making home improvements versus purchasing a new home. Stay tuned for valuable insights and tips on financial planning and creating a comfortable living space.