Frankly Real Estate: April 09, 2006

Move or Remodel

ow to make the best choice

There are a number of things that can trigger the decision to remodel or move to a new home. Perhaps you have outgrown your current space, you might be tired of struggling with ancient plumbing and wiring, or maybe your home just feels out of date. The question is: Should you stay or should you go? Choosing whether to remodel or move involves looking at a number of factors. Here are some things to consider when making your decision.

Five reasons to move

1. Your current location just isn’t working.
Unruly neighbors, a miserable commute, a less-than-desirable school district—these are factors you can’t change. If your current location is detracting from your overall quality of life, it’s time to consider moving. If you’re just ready for a change that’s a good reason, too. Some people simply are tired of their old homes and want to move on.

2. Your home is already one of the nicest in the neighborhood.
Regardless of the improvements you might make, location largely limits the amount of money you can get for your home when you sell. A general rule of thumb for remodeling is to make sure that you don’t over-improve your home for the neighborhood. If your property is already the most valuable house on the block, additional upgrades usually won’t pay off in return on investment at selling time.

3. There’s a good chance you’ll move soon anyway.
If your likelihood of moving in the next two years is high, remodeling probably isn’t your best choice. There’s no reason to go through the hassle and expense of remodeling and not be able to enjoy it. It may be better to move now to get the house you want.

4. You need to make too many improvements to meet your needs.
This is particularly an issue with growing families. What was cozy for a young couple may be totally inadequate when you add two small children. Increasing the space needed to make your home workable may cost more than moving to another house. In addition, lot size, building codes and neighborhood covenants may restrict what you can do. Once you’ve outlined the remodeling upgrades that you’d like, I can help you determine what kind of home you could buy for that same investment.

5. You don’t like remodeling.
Remodeling is disruptive. It may be the inconvenience of losing use of a bathroom for a week, or it can mean moving out altogether for months. Remodeling also requires making a lot of decisions. You have to be able to visualize new walls and floor plans, decide how large you want windows to be, and where to situate doors. Then there’s choosing from hundreds of flooring, countertop and fixture options. Some people love this. If you’re not one of them, it’s easier to buy a house that has the features you want already in place.

Go to this link to see a chart how your remodel cost will affect your value.

Frankly Real Estate

Move or Remodel, Five Reasons to Move.

Real Estate Statistics for 4/10/2006, Kitsap County Washington