When your house no longer suits you, you can move or remodel.
The most important things you need to consider are the four things you can't change: your home's value compared to the rest of the neighborhood, how much you love your neighborhood, the size of your lot, and the cost to move your stuff to a new house.
Deciding whether you should move or remodel? The most important things you need to consider are the four things you can’t change: your home’s value compared to the rest of the neighborhood, how much you love your neighborhood, the size of your lot, and the cost to move your stuff to a new house.
Consider your location and either the convenience or inconvenience of living close to or so far from work. Do you want to keep your kids in the same school district, but can’t find or afford a bigger, better house? Love the neighbors? Have an easy commute to work? Stay put. If you’ve soured on the traffic, the neighborhood’s crime rate or the nosy neighbors, move on.
Is it cost effective to move? Consider all the costs that go into moving like the costs of beginning over on a 15 or 30 year mortgage, does remodeling your home make more sense in the long run. Consider these moving costs, sale costs for your existing home, shipping your household goods, buying window treatments and possibly furniture for the new house, costs to fix up your existing home before sale, higher utility costs (if your next house is bigger), insurance cost differences, and property taxes.
How does your current neighborhood treat you? Is it a place you enjoy? What about the neighbors? What about amenities? Are you happy your children go to the local schools? In sum, make sure that the neighborhood is the right fit. Take to heart the old adage that you can always fix a house but you can't fix a neighborhood.
You have to remember what type of remodeling makes the most sense. Are you concerned about future resale value? You may want to consider a kitchen remodel or bathroom remodel. Are you just looking to upgrade an old fashioned home to newer contemporary design then a complete home remodel project from the inside out may be the right fit for you.
You have to do the math, each case is different on each remodeling project. But the first step in any event is to determine the market value for your home. Look online. Ask a local Real Estate Agent for "comps" (comparable homes SOLD, not LISTED) to get an idea of sales prices. Then figure out if you have any headroom to do a remodel, and whether this remodel will make the home worth more and also more marketable.
If you live in the Twin Cities area and you are considering a home remodel project contact CT Construction. Minneapolis trusted source for Kitchen Bathroom Complete Homer Remodel Projects.
CT Construction has been building custom homes and remodeling homes in the area for over 15 years we can Design, Inspire and build the project of your dreams.