There comes a time in every homeowner’s life where they look around at their surroundings and wonder if there is something that could be changed. They look around and try to decide what rooms could use an update. They look around the backyard and imagine different space and then begin to wonder if they should just move to a new house. Here are some things for you to consider if you have also wondered whether you should remodel or sell.
Why Remodel?
What are your reasons for wanting a remodel? Are you looking for some small changes, or do you need to accommodate a loved one who moved in? Are you looking to update your look, or are you ready for something completely different? By understanding the motivation for wanting to remodel you can develop a better understanding of everything that will be involved in the process. Updating your kitchen could be less of a project then conducting an ADA remodel.
How Much Will It Cost?
When you develop your reason for a remodel, then you can begin to look at projected costs. Will the projected cost of the remodel be more than you are willing to spend? Does the number compare to a down payment on a new home? Understanding your cost, at least projected in the beginning, can help you understand if you are open to making the changes you wish at the projected price point.
How Long Will It Take?
There are some projects that start small and balloon into something big. There are others that actually get finished ahead of the deadline. The question becomes, how long would you like to be working on a remodel? How open are you to the idea of a possible overrun? How much time are you interested in investing in updating your home?
Current Housing Market
An important factor could be the current housing market and resale value of your home. It could be more advantageous to just move into a new home. Of course, then you need to find a home that has the designs that you want, which could be difficult. Will the remodel increase the resale value of your home? Are there changes projected in the near future for the housing market? You want to make sure that a remodel is the best choice for you at the time you choose to make a change. By studying the current and projected housing market, you can make a more informed decision to remodel or sell.
