Many homeowners have fallen out of love with their home and are wondering if they should remodel or move into a new home. There are many reasons for this change of heart, perhaps you have outgrown your home or now have a need for a one-level living situation. There are many factors that will determine whether it is a good investment to remodel or make a move. Let’s take a closer look.
Emotions are the first place to start in the evaluation. Do you love your neighbors and/or neighborhood? Are your activities all located within a reasonable distance of your home? Are there other reasons for your attachment to your home? Most homeowners have some sort of emotional attachment to their home that makes leaving difficult.
It may not make sense to remodel if your home is already at the high end of the price range for your neighborhood. Will the updates you are planning provide a return on their investment? Some renovations will add 80-90% of their cost to your home value while other renovations will yield hardly any value. Here is a link to a Cost Vs Value chart that breaks down these estimates by national, regional and city. https://www.remodeling.hw.net/cost-vs-value/2019/
Are there factors that are not related to the home itself? Do you have problem neighbors, issues with the school district, or does the location no longer suit your lifestyle? These are things you can’t change and maybe a move is your only option if these are unbearable circumstances.
The Snider Group can help you in this process. We recommend you look at all options and then make an educated decision. First, you will need to speak with a lender for a pre-qualification. This step will ascertain the price range for your new home. Then you will need to look at a few homes to see if there are any homes in your price range that would meet your needs and desires.
Next, you will have to look at the renovations you want to make on your existing home to create what you envision. After deciding what upgrades, you would like to make to your home, you will need to determine if spending that money makes sense. We always caution our clients against over-improving for their home. You do not want to be the most expensive home in the neighborhood. We can help you evaluate the recent sales in your area to determine the current market value of your home. We would also look at what the current homes for sale in your area offer.
After considering all factors, you can make a decision that makes the most sense for you.
The bottom line is that you LOVE where you live. We feel we have been successful when our clients share how happy they are in their home. That is what we wish for every one of our clients.