Should You Remodel or Move?
Unless you've taken a new job in a new location, the decision to move
up may involve deciding on whether to remodel or move altogether.
Homeowners nationwide will spend $192.8 billion this year to either
remodel or repair their homes, according to the U.S. Census.
The Remodeling
Index, provided by National Association of Home Builders' Remodeling
Council, determines minor alterations at $25,000 or below and major
alterations above that amount. Where do you stand? Is it worth
$25,000-plus to remodel or should you move up?
There are reasons in favor of both. Let's deal with the remodeling first.
| Your
community is great, why move? For some homeowners they already live in
the best community for their family and lifestyle. The schools are
great, it's near their worship center, shopping and they are plugged in
with neighbors and the community. So instead of moving, it might be
best to expand or remodel. Sometimes,
it's just time to upgrade the house -- even if you're planning on
selling in the future. If you bought a home with 15-year-old appliances
and décor, it may be time to switch them out, now that they are 20 or
25 years old. I always get frustrated with homeowners who want to
remodel right before they move -- they've never had the opportunity to
enjoy the house they've just remodeled. Upgrades may include flooring,
bathrooms, kitchen, exterior facelift, paint, curtains, furniture --
not just the house itself. It
might be cheaper than selling. If you're needing more space, the
remodel may actually be cheaper than selling, especially if you're
looking at finishing or remodeling the basement. The basement remodel
is the easiest and most affordable remodel available to homeowners
because the exterior walls, plumbing and most electric may have already
been run throughout. You're
a do-it-yourselfer. Okay, you love those Old House, Fix-It or Nix-It,
Saturday morning programs. Living in a dust-ridden environment with
tools and power cords strewn throughout is your vision of heaven on
earth. Go for it. You'll
have to remodel the new house anyway. Most new homeowners spend upwards
to 30 percent of the value of the new house they just bought fixing it
up the way they want -- so why move? Just spend that money where you
are. Now, there are just as many reasons to move instead of remodeling.
The
move could take less time and hassle. Depending on the condition of
your local market, you may be able to list, sell and move in a shorter
period of time than it would take to actually remodel your current
home. Time is a major factor in our busy lives, and many times it would
be quicker to just move. Remodeling
would disrupt your lifestyle more than you're willing to deal with. You
have to hire a designer, then a contractor, move furniture from one
area to another in your house, find storage for the rest, live with
dust, workmen, etc., for several months and then HOPE you like what you
get at the end of it. Better to buy the house that's already finished
the way you want it than betting on a finished product you're not sure
about. You
don't want the hassle of dealing with contractors in case they don't
get it right. The challenge for remodelers is that they are being told
by a remodeling-challenged homeowner what they want and then try to
create that environment. If the homeowner doesn't like it at the end --
it's very expensive to change once it's done. Remodeling
could cost more than moving. For some people, to get what they really
want, they would have to double their mortgage anyway -- so it might be
better to check out what's available in new construction or even in a
move up in the community. Plus, builders in some markets are starting
to offer free upgrades -- including rec rooms, decks, and other add-ons
that usually are the subject of a remodel job. Finally,
you're family has enlarged. You just may need a larger home because you
have more children or your parents/au pair/adult children have moved in
with you. When it's time to
remodel, look over the local real estate market before making your
final decision, it might be in your best interest to make that move
instead of knocking down a wall.
Written by M. Anthony Carr
Wondering What Your Home Is Worth? -- Let me show you. |
