When you should do a home remodel
In today's volatile real estate market many homeowners are wondering if there is money to make by selling their homes or whether they would be better off to remodel what they have. This can be a difficult decision for someone who wants to move on to a better home or a family that has simply outgrown their space. Each homeowner will have to consider their own situation and what works best for them but there are guidelines to help you decide whether or not a home remodel is for you. While there are pros and cons to each side here are some questions you need to ask about when you should do a home remodel-
- Remodeling versus moving?-Often the first difficult decision a homeowner needs to make in this question is whether it is more cost efficient to remodel or move. There are many online calculators that can help you decide what the upfront cost of remodeling versus moving will be but it is important to keep in mind the hidden costs of both options. Contractors are often hard-pressed to finish remodeling jobs on time. This could amount to higher costs in the overall project along with added expenses for your family should they be displaced from the normal use of your home. Conversely, moving can be expensive as well. New homes (whether brand new or not) are notorious for having problems right about the time the new owners move in. In addition there are hidden costs associated with the actual move as well that often can not be determined until you are right in the middle of moving. Making a determination for overall costs of both options is good as long as you keep in mind that these are not hard and fast numbers.
- Is the remodel we want going to add value to our home or simply to our lives? Certain remodels are much more house value friendly than others. Remodeling a bathroom or kitchen not only adds value to your home overall but can improve the quality of your family's lives as well. Conversely while a swimming pool can add a lot of fun rarely does the pool (unless you live in just the right area) add value to your home and some instances can actually take away from the overall value of your home. Determining what you want from your home remodel is an important part of the decision making process.
- Will your home remodel add to your home or will it serve simply a functional process? Many people who find themselves short on space begin to dream up creative ways to add space without considering the overall needs of the home. Adding a box on the side of your house may work for that added extra bedroom but it may detract from the overall look of your house and decrease the value if it is not planned correctly. Deciding whether or not your desired home remodel will work with your existing home is another step that must be taken in the decision to remodel or move.
- Are you ready to put up with the chaos and disruption a home remodel can bring? Homeowners are often stunned to find their lives completely disrupted by a simple home remodel. On this point alone design experts recommend not undertaking a home remodel if your family is presently in the middle of some other type of stress (new baby, new job, long illness etc.) Yet while home remodeling can be stressful homeowners must also consider the emotional costs of uprooting from a neighborhood they love if they choose to move. Many homeowners find that they would rather put up with a needed home remodel than leave behind friends, neighbors and a community they are familiar with all for a move to new home.
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