Should I Stay or Should I Go?
Remodel or Move – Considerations for BothAccording to the U.S. Census, homeowners nationwide will spend around $192.8 billion to remodel or repair their homes this year. The range in cost for remodeling depends on what you’re looking for but essentially starts at about $25,000 for minor updates, to approximately 30% of the value of your home for bigger projects. Often, the decision is a no- brainer—you need to move because of your job or need a larger home because your family is expanding. If the decision isn’t clear-cut, here are some considerations if you’re faced with the dilemma of moving or remodeling:
The “Pros” for Remodeling:
- If you’ve been living in the same home for 10+ years, it’s probably time to swap out a few things such as old appliances, flooring, paint, and possibly some exterior modifications. Other upgrades might include remodeling the kitchen and bathroom, which are more expensive but may be necessary
- If you love your neighborhood and your community, why leave? Stay where you are and simply expand or remodel
- If you decide to move rather than deal with the hassles of remodeling, you’ll need to make some home improvements anyway to increase the value of your property before selling. Why not stay and enjoy your new improvements?
- Depending on your local housing market, moving can take less time and hassle than remodeling to get your “dream house,” or something closer to it
- Working with architects, contractors, and designers is disruptive to your lifestyle. Additionally, your vision for the remodeling project may not be the end result you were expecting, which is disappointing and expensive to change
- Remodeling can cost more than moving in some cases. It’s worth checking out what’s available in new construction before embarking on a remodeling project
Before you embark on a remodeling project call in a Realtor for a Market Analysis of your home. All neighborhoods have price thresholds, it’s important to remain mindful of your neighborhood’s top values and try to stay below those numbers when you renovate.
Feel free to give us a call or send us an email. We would be happy to give you a Market Analysis of your home to let you know where we think your home fits in the current real estate market. We are also happy to discuss renovations that make the most sense for your home and neighborhood.
Best of Luck!
Donahue & Maley Team email@example.com