As the year draws to a close, we all find ourselves thinking…what will make our lives easier? Home renovation? Whether you need a new Kitchen, another Bathroom, or a Playroom for the children, these are all important things that can change your life for the better.
When you start thinking about remodeling your home, make a list of all the things that you need. Is it more closet space? An extra Bedroom? A Kitchen island? Take that list and organize it by what is the most important. Prioritize. Maybe the Master Bathroom can wait a little while. What may be more important now is that Family Room space, so the kid’s toys aren’t all over the house. Or, maybe Billy and Buddy are fighting with each other and it’s very important to add an extra Bedroom to your home…so they don’t kill each other! These are all things to consider.
Once you decide how you would like to renovate your home, next is to think about if this renovation is within the existing footprint of your house. Do you need to add more space? A second story addition? A first-floor bump-out? If you realize that your renovation list is extremely long, it may make sense to sell your existing home and buy a larger one depending upon how large of a renovation you need.
Sell or Stay?
Here are some things to think about. Does it make more sense to buy a larger home or renovate your existing one? Is this cost effective? With the way the Market is today, if you have a desire to add more than 500 sq. ft. to your home, you may be better off moving. Take into consideration what the value of your home is currently. If your neighbor just sold their home, (which is almost a cookie cutter of your own for $250,000), then you need to think of what you can purchase for $250,000. Can you buy a larger home and not have to renovate that?
Cost of Moving
Sometimes a new home may need the renovations that your current home requires.
There is a cost in moving as well. Packing up your furniture, paying a real estate agent, closing costs, new furniture, etc. It may be less costly to stay where you are and add space to your current house. Sometimes, it is less expensive and less evasive to remain where you are and live through the renovation, than it is to pack everyone and everything up and move to another location.
Cost of Staying
If you decide to stay and renovate, there are hidden costs in the renovation that are sometimes overlooked. The cost of building permits, contingencies that always arise, the hike in your taxes if you add more square footage…not to mention living through the construction! All these things may not be worth it if you can buy a larger newer home for the same or slightly larger budget than the cost to renovate your existing home.
Home Equity Line
If you purchased your house over 10 years ago, then most likely the value of your home has grown significantly since your purchase. Perhaps taking out a new mortgage or a home equity line for the price difference of buying a newer larger home may be more than enough for you to complete those much-needed renovations. Add that Family Room, Master Bedroom Suite, or new Kitchen and it will change the way you live in your home. Make it into your forever home!
How do you Decide?
What is the best way to decide how to renovate your home? Get some advice. Call a Professional Design-Build firm like New Dimensions Remodeling for a consultation. If it makes sense to stay and renovate, with a design agreement we can help you create the home of your dreams and turn those dreams into a reality!