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Sanat Maria Real Estate Guide
Real Estate Newsletter Archive
Should You Remodel or
Move?
By M. Anthony
Carr
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, speak with your REALTOR® before making your final decision, it
might be in your best interest to make that move instead of knocking down
a wall.
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