Some homeowners’ next move: Staying put

Good morning! Today is Friday, May 15, 2026. You’re reading The Charlotte Ledger, an e-newsletter with local business-y news and insights for Charlotte, N.C. This post is sent to paying subscribers only.

Hi Ledger readers, it’s Ashley. I frequently walk and run in my neighborhood, and I couldn’t help but notice a few months ago how many homes (many of which were ranches built decades ago) were undergoing substantial renovations and add-ons. Given this observation, and what I keep hearing about the housing market, it made me curious about the underpinnings of this “home reno” trend — not cosmetic-only makeovers, but major construction projects that add to a home’s square footage, which leads us to today’s lead story.

by Ashley Fahey

Anna and Graham Rich moved into the Governor’s Square neighborhood near SouthPark in 2019. In the seven years since they bought their house, they’ve come to love their neighborhood, including neighbors who have become friends, and being within walking distance of Brixx Wood-Fired Pizza, Ben & Jerry’s or date-night spots.

Also since they moved in, the Riches, who are now 35, have had two children: a daughter, who will turn six next month, and a 3-year-old son. Their three-bedroom, two-bathroom, 2,700 sq. ft. ranch house does not comfortably accommodate the four of them, let alone any guests.

“We realized, once kids’ toys piled up, how much space they need,” Anna Rich said.

Traditionally, growing families would put a “For Sale” sign in front of their starter home, hire a real estate agent and begin the search for a bigger home. But the Riches are taking a different approach, one that more Charlotte households are pursuing: take out a home equity loan or line of credit and go into major renovation mode.

Although home-price appreciation has moderated since the pandemic, Charlotte’s housing market is still tough for many buyers, given how quickly prices have grown. The median sales price of homes in the Charlotte region at the end of 2020 was $280,000 — that’s grown 43%, to $399,990, at the end of 2025, according to Canopy Realtor Association data.

But some homeowners who purchased early in the pandemic, or who refinanced when mortgage rates hit rock-bottom lows in 2020 and 2021, are seeing an opportunity in how much equity they’ve gained in their home.

The Riches are underway on a $450,000 renovation, which is mostly being covered by a home equity loan. They’re adding a garage with a room above it, which will serve as a combined guest room and office. The garage will connect to a new mudroom and a designated drop-zone area, and will also allow them to add a powder room. Finally, they’re reconfiguring their master bathroom — which was inefficient and too big, they said — to build a new bedroom for their daughter.

It’ll result in a 3,200 sq. ft., four-bedroom house — one that the Riches can picture themselves living in for many more years to come.

The decision to sell or sledgehammer comes down to trade-offs. Many households like the Riches have a sub-3% mortgage rate on their house, and 30-year fixed-rate mortgages right now are hovering in the low to mid-6% range. And because home prices have risen so dramatically in Charlotte, to get more space at a price point that’s still affordable often means giving up proximity to jobs, amenities, a desirable school district or a beloved neighborhood.

Graham Rich, an IT consultant, frequently flies for work. It takes 25 minutes to get from his front door to the TSA PreCheck line at Charlotte Douglas International Airport.

Beyond logistics, there’s also sentimental value to staying put. Both Graham and Anna Rich love the charm of their home, which was built in 1975 — new homes don’t have that same character, they said.

“My parents are still in the same house that they brought me home from the hospital,” Anna Rich added. “It’s very special that every milestone was in that house. I love that we brought our kids home from the hospital to this house.”

Charlotte homeowners have gained, on average, about $275,000 in home equity since 2020, said Larry Fiore, a senior vice president and national retail sales executive at U.S. Bank, who is based in Charlotte. He said there have been only a few other times in his 30-year career in which getting a home equity loan or line of credit (HELOC) — even if it’s not used for a major home renovation — makes sense as much as it does now.

While Charlotte’s housing market has normalized, making it easier to buy a home than a few years ago, “many people really do enjoy their neighborhoods and don't want to leave,” Fiore said. He added that the equity people have in their homes and the relative ease of obtaining a HELOC have made it a viable option for Charlotte homeowners.

About 40% of U.S. Bank’s home equity activity across the country is going toward a home improvement project, Fiore said.

The lock-in effect — a term used to describe homeowners who aren’t willing to move because of their low mortgage rate — has started to wane, but it’s still a factor in today’s housing market because many homeowners don’t want to see their mortgage rate potentially double with a move, especially if they also have to give up a good location.

Brad Little, president and CEO of Charlotte-based ReVision Design + Build, told The Ledger he’s seen an uptick in people interested in taking on major home renovation projects, especially in Charlotte neighborhoods with older-generation homes. The most popular additions lately include creating more common spaces for families, converting a porch into square footage that can be used year-round (such as a bigger kitchen) and creating a primary bedroom suite.

“A lot of homes, particularly of an older era, didn’t have the size of bathrooms and closet spaces that we like nowadays,” Little said.

Paul Kowalski, owner of Paul Kowalski Builders, a Charlotte-based design-build remodeling firm, said the overall scope of projects he’s working on is getting bigger, meaning projects his company is tackling now are more substantial and more expensive (in part because labor and material costs have also risen).

Choosing to expand a house versus moving is also reflective of how Charlotte is changing as it grows. Housing is becoming denser as the city has boomed, so being able to add square footage onto an older house that sits on a large lot is something more people are taking advantage of, he said.

While homeowners who decide to add on to their homes don’t have to deal with the hassle of moving, these projects are highly disruptive and not cheap.

Little said adding a primary bedroom suite can cost $250,000 to $500,000 or more. Converting an existing patio or covered porch into heated square footage can run from $150,000 to $250,000.

Kowalski said he actually encourages potential clients to hire a real estate agent and consider moving before agreeing to take on a major home renovation. 

Managing expectations also comes around cost, Kowalski said. “Depending on the last time they did a remodel or a neighbor did a remodel, the cost of some of these projects are more than what they expect,” he added.

Fiore said homeowners considering a major home renovation need to factor in overruns or contingency costs in their budget.

It also takes longer than people expect — Little said it’s fairly common for a home add-on project to take eight to 12 months, and that’s usually after a lengthy design process. The Riches began working with architects and builders to sketch out their project in late 2024, and that took about a year. They have also moved out of their house while construction is underway. (Luckily, they were able to secure a rental house across the street.)

Some hiccups are also inevitable with such a big undertaking. Graham Rich said he noticed when the foundation was being poured on the garage that there were no footings along one wall. Addressing that added two weeks to the timeline. Back-to-back weekends of ice and snow in January also delayed work by another two weeks.

Even so, the family is on track to move back into their home by early fall, about six months of construction time total.

The Riches joke that the project “hasn’t caused a divorce,” despite the upheaval, but said that because of how big a money and time investment it is, homeowners should be sure that they want to be in their home for the long haul before embarking on such a project.

“It’s going to be the perfect house for us,” Graham Rich said. “We’re hopefully keeping the charm of the neighborhood while also still getting what we need in a house. We have no regrets on anything, but we’ll be happy when it’s done.”

One piece of advice the Riches have for people considering a major renovation project is to talk to several contractors — don’t just go with the companies advertising most aggressively across Charlotte. Some of the quotes they received for the scope of work they sought were astronomically high.

The next project challenge to come? “Negotiating with an almost 6-year-old on what shade of pink her bedroom will be,” Graham said.

Ashley Fahey is The Charlotte Ledger’s managing editor. Reach her at [email protected].

The Charlotte Regional Visitors Authority paid a little more than $1M to have Charlotte’s culinary scene featured on “Top Chef” Season 23, episodes of which are airing now on Bravo.

Gina Sheridan, chief communications and advocacy officer at the CRVA, confirmed to The Ledger in an email that a $1.2M fee was paid “in exchange for the integration of Charlotte assets into the filming and production of Top Chef, resulting in significant exposure to the city of Charlotte and its surrounding counties.”

The integration “has/will include verbal mentions, various challenges, and reality segments filmed throughout Charlotte and featuring elements of local history, culture and ingredients, as well as the participation of local chefs and restaurateurs,” she said, adding CRVA also has the opportunity to highlight Charlotte’s appearance on “Top Chef” through agreed-upon marketing, digital and social media initiatives.

Sheridan said the fee was paid from the CRVA general operating fund and that a hospitality tax allocation was not requested for this specific project. 

TV critic Andy Dehnart of the online reality TV show publication Reality Blurred first reported the city’s fee to “Top Chef” this month. He noted that Wisconsin paid a $1.3M fee for its “Top Chef” appearance, and that agreements between municipalities and “Top Chef” are usually quite specific about what the show will deliver, including the number of challenges and on-screen mentions.

Episodes of the latest season of “Top Chef” have included challenges and appearances at Charlotte-area spots like Supperland, La Belle Helene, Sweet Lew’s BBQ, Fine & Fettle and the U.S. National Whitewater Center. —Ashley Fahey

Construction continues on the long-awaited Rail Trail Bridge over Interstate 277 — a $23.8M project city leaders say will improve pedestrian and bicycle connectivity between uptown and South End.

Work on the bridge began late last year, and according to a city press release, crews are now focused on the north side of the structure, where foundation work has been completed and concrete support structures are being built to support the bridge. So far on the south side, crews have installed deep foundation supports.

The median work is expected to wrap up in early fall before crews move on to the next phase on the south side of the bridge, a stage that could eventually require the closure of the College Street off-ramp later this year. —Lindsey Banks

Spark Centro hosted a “wall-breaking” yesterday at its future home at 8805 E. W.T. Harris Blvd., a project that leaders say will provide business owners better access to entrepreneurship, workforce development and economic development resources in east Charlotte. Leaders and elected officials took turns breaking a wall erected in front of the facility to signify that work is about to begin on the project, an overhaul of an empty building.

The development carries a $20M price tag. Construction is expected to begin next month, said Andres Alvarado, a senior vice president of operations at Charlotte-based Marand Builders, the project’s general contractor.

Access remains the biggest challenge for many Latino and Latina business owners, and having a place to provide tools and education is a big deal, said Marta Tataje, board chair and CEO for the Latin American Chamber of Commerce of Charlotte. And while the Latin American Chamber of Commerce of Charlotte is a leader on the project, including on fundraising efforts, Tataje and others involved say the future facility is for communities and business owners of all backgrounds and demographics, especially given east Charlotte’s diversity.

Investors in the project include The Leon Levine Foundation, Bank of America, Truist, Fifth Third Bank, Wells Fargo, U.S. Bank, the city of Charlotte and Mecklenburg County. —Ashley Fahey

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