before and after 2

 

Below are some tips courtesy of OWN THIS HOME TEAM and the National Association of REALTORS® that might be helpful in making a well-informed decision if you are one of those people who are torn between selling in order to upgrade your home, and remodeling your current space to add value and meet your needs.  Here are seven steps that might help–you might even decide you are happy with what you already have!

1.  Ask yourself what bothers you most about your home, such as the traffic pattern, lack of a certain room, or absence of light.

You should analyze how you use your house and determine what features are missing that you might want.  Changes can often be made within an existing footprint, even without adding square footage.  Walls can be taken down, doors removed or changed, and windows enlarged.  Many people fail to use 30-40% of their space………

2.  Study how your house is sited.

Is your house on the lot and setting that you want?  Example – if your site always leaks ground water, has absolutely no trees, or includes hideous or no views, then remodeling likely won’t fix your issues, and selling becomes a more viable option.

3.  Evaluate your neighborhood

Are you very attached to your neighborhood, including the area’s retail, schools, proximity to transportation, your neighbors?  Sometimes, pleasant memories, such as where you raised your children or watched a daughter get married in the backyard may outweigh the option of moving!

4.  Factor in your time frame and family needs.

If you plan to be in your house for a long time (5-10 years) then making significant changes such as adding rooms, building a sunroom, or finishing a basement may provide a worthwhile payback and incentive.  If, however, you are empty nesters and ready to downsize, then remodeling may not be the most prudent financial decision.  In otherwords, weigh your options!

5.  Consult contractors, designers, architects, or structural engineers and get multiple bids, for a realistic estimate of what changes might cost.

It’s worth paying professionals for an hour of their time (some will even do it for free), to look at your home, listen to what you want, appraise its condition and estimate costs of what you would like to do.  In addition, if your house was built more than 30 years ago and hasn’t been updated, it may require new wiring or plumbing, insulation, as well as cosmetic updating.

6.  Compare the appraisal and remodeling costs with other neighborhood homes for future resale.

Even though home owners should base decisions in large measure on enjoyment and not wholly on resale value, it’s smart to have an idea of how changes will affect your house compared with others nearby.  It’s never smart to be either over-built or under-built for an area.  It can also affect your taxes!  We can provide you with information about the return on your investments.

7.  Seeing is believing; we can show you what’s available in your price range in neighborhoods you like.

It is good to know the market and if what you are looking for even exists in your price range, before you make any major decisions.

The bottom line is you should make big decisions carefully based on all of the facts.  OWN THIS HOME TEAM is here to help you with those decisions!