The current average mortgage rate in the Commonwealth of Kentucky is 7.9%. That’s a far cry from the pandemic days where in July 2020 the 30-year fixed mortgage rate fell below 3% for the first time nationwide. According to Houzeo, the cost of a home in Kentucky in March 2024 rose 6.9%, year over year, and Kentucky has historically been one of the more reasonable states for housing prices. That 6.9% is higher than the national average of 4.7%.
It’s getting harder and harder to be a first-time home buyer or to move from your “starter home” to a bigger house. Not to mention the fact that due to the proliferation of natural disasters in many areas of the country, home insurance rates are through the roof.
Many couples and families are going the opposite direction– downsizing– choosing to go back to renting or trading their house for a condo. Renting is proving to be a very viable financial option for people who see their home as a place to live and not an investment.
Others are going a different route. They may not see this as a good time, financially, to invest in a new, expensive home. But they still want more space for their families, entertaining, and hobbies. These people are opting to have additions made to their houses, expanding their houses’ footprints, and giving them more space at a more affordable price.
Going up!
Adding a second story to a single-story home is a popular option. A lot of times we’re asked how to go vertical with a home. In a neighborhood, building out may not be an option due to lot size, but going up could be.
Adding a second story for more rooms could keep a growing family in a much-loved home and neighborhood longer. One option is to sometimes look at adding a room over a garage. While it changes the skyline of a home externally, the internal space becomes more spread out and provides privacy as babies grow to teens.
Many people, especially in suburban areas, are renovating mid-to-late 1900’s ranch homes by adding a second floor. If your family expands because you have more children or are welcoming another generation into your home, you may need more sleeping space for these new arrivals. Extra bathrooms are oh-so welcome!
Going out!
If you have the property to accommodate it, consider “going out!” Expand your current home’s footprint by adding on to it.
Do you have dreams of having a professional kitchen, but are confined to a galley kitchen space? Go out! Work with a qualified design and build team to bump the walls of your kitchen out to accommodate better cooking and food preparation equipment, more space, and a greater area to entertain.
In-laws moving in so you can care for them in their golden years? Go out! Use that extra space on your property to create an onsite studio apartment for them, complete with a kitchenette and en suite bathroom. You may even get some free childcare out of the deal. Extra dwelling space in your home will increase your property’s value dramatically.
One other way to “go out” is to build on an outdoor room. Exterior spaces add more flexibility for families, especially when entertaining. For a family, getting outside (and getting kids off those screens) is a great way to grow up. Add a full-kitchen outside and spend quality time as a family. In this part of the country, you can get about three seasons of enjoyment out of a patio space. Having something you love outside is like taking a break from life’s responsibilities inside the house (where the bills and to do lists live). Adding built-in outdoor heaters to the space can provide an even longer time to enjoy this space.
Going way out!
ADU’s are all the rage right now. Accessory Dwelling Units on your property are small, self-sufficient, often on your property. They usually have full-service bathrooms, kitchens, living areas, and bedrooms. Most are detached from the main house, but some may have pass-throughs to the primary home.
ADU’s are a great space to introduce teenage or young adult children to something like independence. ADU’s typically have private entrances so the kid can come and go as they please. They can entertain friends, make their own schedules, and join the family across the lawn whenever they opt to.
ADU’s are also a great place to house dependent adult relatives who may need some care, but also want a sense of their own privacy and freedom. ADU’s are typically single-story, so they’re great for the mobility-challenged. And while your family gets to co-habit with and care for your elderly relatives, your family also gets a sense of freedom and privacy, too. We are seeing lots of requests for combining all of these ideas… going vertical on top of a garage and building an apartment space. This is perfect for college student living at home or older family members.
Consider expanding your current, lovely home. Moving isn’t for everyone. You may love your neighborhood, your commute, your school but your home isn’t working for your current needs. This is where we specialize. Our first meeting will focus on the “problems” you want to solve in your home – even if you have no idea what those solutions may be. There are always options and ways to improve a home and keep you where you are currently living. Let us know how we can help.