When you should consider remodeling.
- You really like your neighborhood (good schools, close to work, near a park, etc)
- You really like your lot (it has large trees or is large, etc). New construction lots are typically 5000 square feet or less and have few or no trees.
- You are not the largest home in your neighborhood.
- You don’t mind remodeling and the thought of it is exciting.
- You plan to live in your home for at least 3-5 years (longer for major remodels like additions).
- Your home has a good floor plan.
- You want your home to be exactly what you want.
When you should consider moving
- You don’t really like your neighborhood
- You have a very long commute
- You are not handy and don’t want to take on a remodel.
- Your home is the largest or nicest in the neighborhood already
- You aren’t going to live in the home for very long
- Your neighborhood is made up of similar homes and can’t support a large change in a home such as an addition.
- Your home has conditions, covenants, or restrictions that would not allow a remodel that you want or your home can’t meet building setbacks with a remodel.
How to decide what to do.
In order to decide which is the better choice for you, you need to know
- What your home would currently sell for on the market and what it would sell for with the remodel complete. You want to make sure you do not over-improve your home for the neighborhood.
- What your replacement house would cost.
- The costs of remodeling. You would need to get some realistic quotes (add 10% to the quote for unexpected issues that come up) from contractors. If you are handy and plan to do some of the work yourself, your costs go down.
- Can you afford it? Most people believe that any money they spend on a remodel, they will get a 100% return on money spent. Remodel/upgrade projects range from 50%-117% return.
While it might seem that it is not worth it to remodel, moving is not free nor inexpensive. Call us for assistance in determining what would be a good choice for you.