Remodel or Move? Pro's and Con's

Should You Remodel or Move?

Have you been sitting on the fence wondering whether you should be remodelling your home or have you been considering a move? It can be a tough decision. If you love your neighborhood and you have good friends, your lifestyle fits the environment you may wish to stay exactly where you are consider remodelling your existing home.

If you remodel your existing home there are some things about the home you need to take into account. If the home has good lines and you can see yourself staying there for a long time, then remodelling could be your perfect option. If there are major items that need remodelling like kitchens and bathrooms, then be very careful to budget with contingencies. If you need to move plumbing and electrical or add plumbing and electrical that is a costly and often one does not know what secondary ramifications may appear once you start the remodel.  

Even when you have a budget in mind, you may even have quotes rarely does the remodel come in close to the budget. Take some time to watch the HGTV shows and see their remodelling jobs. Never once do they do all the remodelling within the budget they allow in the beginning. Often the homeowners have to make a choice between completing an item or settling for second best. More often than not second best is the reality.

Another thing to consider is the financial implications. If you are going to stay and remodel are you going to run the risk of overcapitalizing? If you have a long term plan to stay in the home, maybe that is not important to you however I always like to be realistic - if you have to sell your home quickly for whatever reason, are you going to be able to get your money back - if not, you may want to rethink that option.

Don't underestimate the stress factor. If you remodel while living in the home, that adds a new stress dimension to the project. Families find it very hard and the contractor even with his best intentions will struggle to keep his end of the bargain. Living in constant mess is most traumatic and I would suggest you consider moving into a short term rental while undergoing a major project.

 Lets take a look at the pro's and con's of such

Moving 

• When you move there are costs of sale - 6% to real estate agents fees and then there are closing costs say 3.5% on your new home, that is just a ball park figure not an exact one.
• Then you need to consider
• Moving costs
• Setting up new utilities
• Deposits for utilities on new home
• Cancelling existing services
• Time
• Stress Factors
• Resettling and emotions, particularly with children
• Some new furnishings  (out with the old, in with the new)

Remodel

• Gathering quotes for budgeting purposes
• Contingencies incase there are repair ramifications
• Contractors - are they reliable?
• Will the contractor stay within the budget constraints
• Will it turn out how you expected
• Will you need to move out temporarily while remodeling
• Financial implications
• Stress while remodelling

Whether you choose to remodel or move its always an exciting time. A remodel can be so rewarding even with its ups and downs.  If you are not sure whether to stay and remodel or to sell your home and move, why don't you give me a call and lets look at your particular home and do a comparable analysis for you with the before and after prices. Lets have a look a few homes within your budget and see what you can get for your money vs what you have that can be remodelled. That way you will be able to make a calculated decision and have peace of mind.

I look forward to being of assistance to you. I'm Karen Browder. I pride myself in customer service. Most of my clients are repeat or referrals. I'd love to add you to my list of forever customers. Please give me a call 704-534-9334 or email Karen@KarenBrowder.com