So you need more space or perhaps you are tired of the same old look. There are many decisions to make when you either move or remodel. I’ll go over some of the pros and cons in this post and hopefully help you make a good informed decision. I can always be reached for a more in depth conversation if you need me.
There are many reasons you should remodel your current home. Do you really like your neighborhood? Are the schools awesome? Close to work? If any of these are a plus for you remodeling may be a good fit. When you choose to remodel remember to get a few bids form licensed, bonded and insured contractors in the area. Always check their references and verify their information. If you can go and see their work in person.
From a brokers point of view spend the most time and money in the kitchen and bathrooms. Down the road if you ever decide to move those areas are the ones buyers will look at the most for upgrades and attractiveness.
Pick neutral colors and green materials. Green is in right now and you’ll be surprised how durable and beautiful green can be such as bamboo flooring. It’s very durable, it’s beautiful and better for the environment. It takes 10 years for bamboo to grow versus decades for a tree.
Some of the downsides to remodeling can be the intrusion of workers in your personal space and the mess they can create. But on the positive side you will more than likely be able to increase finished sq ft for less money than buying something else and then having to add your personal touches.
Perhaps you need to find something bigger and the option to remodel just isn’t there. Obviously you need to move into something different. Right now interest rates are low and in fact may be lower than a loan to remodel making moving a good option to remodeling.
If you decide to move try to focus on one area to make the process less overwhelming. Decide what feature you desire and the style of home so your Realtor can find the best fit.
Get per-approved from a local loan officer and hire an agent to work on your behalf. One common misconception is that using the agent who holds the listing to the home you like will save you money. That is simply not true. When you sell a house the listing agent settles on a commission rate from the start and that commission is either all his or hers if they sell the home or it gets split with another agent if you have your own. It’s kind of like having to go to court and using the same lawyer the other party is using. The waters can get murky.
Right now the deals with buying may be more cost-effective than those for remodeling.
Bottom line is do what is best for you.