Moving or Remodeling?
We meet homeowners all the time who are debating moving or remodeling. Trying to decide if you should invest in your current home or look for a new home to buy is a big decision. The question that always comes up is if remodeling is “worth it?”
Here are some of the questions we tell our homeowners to ask themselves…
- Are the bones of your house good?
a. Is the foundation and design something you would want to remodel?
b. Do you have the space you want? - What do you like vs dislike about your current home or neighborhood?
a. I recommend making a pros and cons list! - Can you customize your home to fit your current and future needs?
a. This goes back to the bones of your home, make a list of features you want/need Could your current home be conducive for this?
b. If not, you know what to look for in a new home. - What is the real estate market like?
a. Is it a good time to sell? Is it a good time to buy? If I sell my house, can I buy something that I like? - If you move, will you still have to remodel the new house?
a. This question is closely related to the real estate market at the time.
b. We recommend reaching out to a financial advisor to find out what you can afford. - What is the cost versus value of what I am considering?
a. If I remodel my home, how much of what I spend will I be able to recoup? How much will the value of my home increase?
b. Remodeling Magazine puts out an annual Cost vs Value report for different areas of the country. This can help give you a sense of budget ranges and approximate value-added for different types of projects. - Emotionally what does your gut tell you?
a. Both remodeling and moving can be emotionally taxing.
Our Home Remodel
Craig and I have been asking these questions for ourselves. We have been in our home 10 years this summer and I love our home. However, there are things that I see in all your houses that I would have liked in my home. I LOVE my lot. We have a great yard, we love our neighborhood, and the amenities that are local to us.
We are finally ready to tackle some project we have been thinking about. I know I must make some concessions because of space and money. Based on the current real estate market, I know that even though I could get more for my house right now, I could not buy anything even close to what I have. We also are not up for moving right now. After considering these questions, remodeling is the right choice for us! What is the right choice for you?
Give Almar a call to come out and look at your home. You can contact Almar at 781-826-2577.
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