I get this question all the time from clients, friends, even neighbors right here on Aquidneck Island: “Should I renovate my home or just move?”
The answer isn’t black and white. But with today’s mortgage rates, low inventory, and rising costs, making the wrong call could cost you tens of thousands of dollars. So let’s break it down using real data and the realities I see every day running Remodeling Right in Portsmouth.
The Math Behind Staying Put
If you bought or refinanced before 2022, chances are you’re sitting on a sub-4% mortgage. Right now, the national average for a 30-year fixed rate is hovering around 6.5% [1]. That jump alone means significantly higher monthly payments if you move.
And the local market? Tighter than ever. There are only about 500 homes for sale under $1 million in all of Rhode Island [2]. The median home price has surged 61% since 2019 [3], and here in Newport County, typical home values are pushing past $900,000 [4].
Now factor in the cost of actually moving. Agent commissions, closing costs on both sides, the physical move. On a $750,000 property, you’re easily looking at $60,000 to $80,000 in transaction costs that vanish the moment you sign [5]. That same money could fund a full kitchen remodel that adds real value to your daily life and equity to your property.
You’re Sitting on Record Equity
U.S. homeowners currently hold nearly $17 trillion in equity [6]. Because home values on Aquidneck Island have skyrocketed, most local homeowners can tap into a Home Equity Line of Credit (HELOC) to fund renovations without refinancing their low-rate mortgage. You upgrade your home without taking on higher interest debt. That’s exactly why the “improve instead of move” trend is dominating 2026 [7].
What Remodeling Actually Returns in Our Market
We’ve remodeled a LOT of homes in and around Portsmouth, Middletown, and Newport. Based on conversations with local real estate experts and our own project data, here’s what you can expect:
| Project Type | Average Cost | Estimated ROI |
| Minor Kitchen Remodel | $30K – $50K | 72% – 85% |
| Major Kitchen Remodel | $65K – $95K | 60% – 70% |
| Bathroom Remodel | $45K – $55K | 60% – 70% |
| Entry Door/Windows | $8K – $35K+ | 80% – 95% |
Pro Tip: Even when the dollar-for-dollar ROI isn’t 100%, the enjoyment factor often is. Want to know how long these projects actually take? Check out our kitchen remodeling timeline breakdown.
The Step Most Homeowners Miss
Here’s the deal. Deciding to stay and remodel is the smart financial move. But most homeowners completely overlook what comes next.
We wouldn’t drive a luxury car for 50,000 miles without an oil change. Yet we routinely ignore the systems and finishes in our homes until something breaks. A recent study found that homeowners expect to spend about $70,000 on lifetime maintenance, but the real number exceeds $339,000 [8]. That’s over $7,000 a year.
When you invest $80,000 into a new kitchen, you’re installing complex plumbing, high-end appliances, and premium materials that need specialized care. The old “fix it when it breaks” approach just doesn’t cut it anymore.
This is why forward-thinking homeowners are shifting toward subscription-based home maintenance programs. Instead of chasing down contractors every season, a structured program puts your home on autopilot. Reactive emergencies become proactive preservation.
You don’t have to move to love where you live. But once you remodel, protecting that investment is what separates a smart homeowner from a stressed one.
References
[1] WSJ: Mortgage Rates [2] GoLocalProv: RI Inventory [3] Realtor.com: Affordability [4] Stacker: Home Prices [5] AOL Finance: Moving Costs [6] ICE Mortgage Monitor [7] CivicScience: Improve vs Move [8] Yahoo Finance: Maintenance Costs
