Sell or Remodel Carefree Real Estate
Should sell or remodel your home be a fair question in today’s market. Every year surveys confirm that homeowners get a better return on kitchen and bath remodeling than on any other home-improvement project. Although you may not get 100% of your investment back when you sell your home, kitchen and bath upgrades will help sell your home more quickly, and you’ll get to enjoy the improvements until then.
It makes sense to splurge on luxuries you can afford if you plan to live in your home for a while. If you’ll only be there a few years, however, maximize the return on your investment by choosing good-looking, less-expensive alternatives to high-priced finishes and appliances.
How To Get The Most For Your Money
Do the walls seem to be closing in on you? Are your cupboards and closets overflowing with stuff? Can you see more toys than flooring at your feet? If so, you need more space. And your choices are remodel your home, move to a larger one, or move to a home that you want to remodel.
How can you decide which approach is best for you? Start by considering your priorities. If you are basically happy with your current location, the relative cost of your options is likely to make the decision for you.
Take an inventory of your current house to determine whether remodeling will work for you. Look at each room. Do all of them need help? If so, remodeling may be too expensive and a move might be your only practical choice. If just one area of the house needs work that can be accomplished by bumping out a wall or adding on, then remodeling may be the correct move for you. Consider what you would have to do to the basic structure of your house to arrive at your dream home.
How much money can you afford to spend? Would you need a construction loan to remodel, or would you take money out of your home’s equity? If you must borrow money to remodel, will the cost of the loan, combined with your existing mortgage payment, be more than the monthly payments for a new home with the space and amenities you want? Moving may be easier and less expensive.
Calculate how much it would cost you to replace your current home with one that meets your needs. What improvements could you make to your current home for the same investment? Will a new addition of, say, a master bedroom suite, be enough to satisfy your desire for a new look and more space? Or do you need more living space all over the house?
Is your desire for newer amenities the driving force for a new home? If you’re looking to modernize wiring and plumbing or increase hi-tech capabilities, it might be better to move into a house that already has these features.
Read more on this article at SELL OR REMODEL: How to Get the Most For Your Money