Should You Move or Improve
Considering a remodel?
Selling a home can cost thousands of dollars by the time you total up the closing and moving costs, and thousands more if you have to outfit your next home with new appliances and furniture. Remodeling, on the other hand, does bring its own expenses, but ultimately can make your house into a home you love.
If you don’t have to sell immediately, weigh your decision carefully, especially if the market is slow and chances are high you won’t get top price for your home.
Pros and Cons: Should you improve your current home or move to a different one?
Pros of remodeling
Let’s face it, after living in a home for a few years it’s pretty easy to get attached to location, neighbors, nearby schools and parks, and that feeling of home. When you remodel you get to keep the emotional connection.
When you consider the moving and financing costs associated with relocating you can often do a pretty significant makeover of your current home (particularly if you don’t plan structural changes) for far less than the overall cost of moving to a new home.
When you work with a professional design team and remodeler you can make your home almost exactly as you would like it. You can add living space, adjust the flow, create gathering places and upgrade old and tired fixtures and features.
As your family grows or your lifestyle changes you can add new living space, free up unused bedrooms and age in your current space.
Cons of remodeling
Anyone who has remodeled before knows that a construction project will temporarily impact routines, cooking spaces, noise, clutter, and dust. You have to be okay with that in order to successfully remodel your home.
Something few people consider is that adding to or remodeling your home may increase its overall value and you may see a corresponding increase in property taxes. (For more information about the return on remodeling see this study.)
New home loans are pretty straightforward. If you have good credit and qualify for the purchase price you can usually find a mortgage to suit your needs. While loans for remodeling are readily available you may need equity in your current home and a lender who understands construction loans that convert to a mortgage.
Pros of moving
Maybe you’re not that fond of your neighborhood or even your current neighbors. Moving is a way to change the scenery and perhaps move to a new school district or part of town.
If you’re not the type to remodel you can move into an already remodeled home and take advantage of someone else’s hard work. Although you can expect to pay more for this route.
Construction is a messy process when you have to live in it. Buy relocating and purchasing a home that meets your requirements you can avoid the temporary discomfort of remodeling.
Cons of moving
You may find that in order to maximize the saleability of your home you'll end up needing to complete many of the remodeling projects you are considering anyway.
Moving, real estate, and finance charges add up quickly and often make the choice to move far more expensive. Add on to the this the stress that moving often brings and it may make it a less attractive option.
When you buy a home based on what's on the market you might not be able to get exactly what you're looking for in terms of layout, design, and functionality.
Critical questions to ponder as you consider remodeling vs. selling?
For more guidance on your remodeling ideas, contact Schloegel Design Remodel of Kansas City at (816) 656-2852!