Are you feeling like you’ve outgrown your current living space? Do you have significant upgrades or enhancements you’d like to make? You might be wondering if it’s time to sell your home and start over. Deciding if you should remodel or move can be a difficult task.
Additions to your existing home can create the space you need, and remodeling what you already have would give you the upgrades or enhancements you desire without needing to relocate. Moving may be more exciting than remodeling, but factors such as cost, location, and stress should all be considered.
Data firm CoreLogic’s home-price index shows that housing prices were up 6.9% in April 2018 compared to the year before nationwide, and they’re expected to continue to climb. Rising prices are huge consideration for anyone considering moving, on both the selling and buying side. You’ll likely get a better offer on your existing home, but could also pay more for a new mortgage. Rising home prices can also lead to increased property taxes and higher insurance rates. Closing costs and real estate fees also add up quickly. Timing is another factor when considering cost – if you purchased when prices were low, you’ll probably make a profit on the sale of your existing home. The equity you have in your current home could be depleted when you purchase a new one, while a home equity loan could give you the funding you need to complete the additions or upgrades you want without having to move. Before you consider either option, make sure you can afford it.
On the remodeling side, unexpected issues are common and will increase the cost of your project. If your project includes tearing down walls, moving plumbing, rewiring electric, or adding gas lines, your expenses could be higher than you originally anticipated. You also may not get the return on investment that you’re hoping for with a remodel. Remodels can be cost effective, but they can’t offer a 100% return on investment according to the 2018 Cost vs. Value Study from Remodeling Magazine.
Remodeling lets you stay where you are, which is especially important if you love your current location. Schools are an important consideration for most young families. If you love your current neighborhood and location, remodeling is a great option. If, however, you’d like a bigger lot or if living in a different part of town would increase your quality of life, moving is the way to go.
Anyone who has ever moved knows what a stressful experience it can be. Selling your existing home and finding/constructing a new one is a time consuming endeavor and a huge investment – emotionally and financially.
Remodeling means you might have to live in a construction zone, sometimes for longer than expected. Dealing with budgets, contractors, and unexpected issues can also be draining.
Both options might not get you exactly what you want. Lower than normal inventory of homes for sale means you may have to make some compromises on your wish list, but remodeling comes with its limitations as well.
We strive to make all remodeling projects as stress-free as possible. We show up on time, we clean up when we leave, and we always call you back. We also have extensive expertise in new construction and are committed to excellence in all we do. If you’re interested in our remodeling or new construction services, click here to contact us today.