There is one question that comes up with almost every homeowner we work with – “Does it make sense to remodel, or should we move?”
It’s one of the first things you need to decide before going too far with your renovation design. There are many points to factor and there is no step-by-step guide to reach a decision. But to help you organize your thoughts on the subject here are 8 questions you can ask yourself:
What will the renovation of your current home cost?
You may not know what a renovation will cost, but most remodeling specialists can help you assemble a ball-park estimate for little or no cost to you. By having a number you can compare it to other options you might have for housing.
How long do you plan to live in your home?
If you plan to move in two years or even five years, remodeling might not be the best choice. The best loved remodeling projects happen when you remodel for you and not an unknown future owner.
Do you like your home’s location, neighbors or schools?
If you’re in love with your older neighborhood, local school or general location, remodeling could be your best option. It’s difficult to find newer amenities in an older neighborhood. And moving to a newer neighborhood with the amenities means losing your community.
What will a new home cost that has all of the things you are looking for?
Have you ever been shocked by the price of a new home? Yes, many new homes are advertised at very affordable prices. But by the time you add in all the extras and options that you want/need the price can be far higher than you thought.
Can you find your dream home in your current neighborhood?
Again, it’s hard to find a ‘newer’ home in an existing neighborhood. If you’re patient and do a lot of searching you may be able to find what you want just down the street. If you’re lucky you could skip the time required to renovate and move right in.
What other costs would be involved in a new home?
Remember to factor in all the expenses involved with moving to a new home. Realtor fees, closing costs, moving expenses, furniture and window treatments are all costs that need to be on your radar.
What are the taxes of a new home versus where you live now?
If you are looking for a new home in the same community then taxes shouldn’t be too big a factor. But if you are looking outside your existing neighborhood then be sure to budget in a possible tax increase.
Do you have a sentimental attachment to your current home?
This is a tough question to answer because a home is a funny thing. On the one hand it’s just a building made of 2x4s and drywall. On the other it’s a collection of memories. Will you regret moving away and starting fresh?
Doing some research and soul-searching up front will reduce the chances of you suffering from buyer’s remorse later. If you need any help answering these questions Crimson Design & Construction is glad to help in any way we can. Contact us today for more assistance.
Neil & Joel recently attended another remodeling roundtable in Concord, New Hampshire. While there they toured Cedar Mill Group and learned more about how Geoff Martin runs his remodeling company. In turn they made suggestions to Geoff on how he could increase the quality of his company. As you can see from the photo things got pretty heated! All the energy in the hotel conference room set off the alarms and the Concord fire department was sent in to check out the situation! Actually the second floor of the hotel was being remodeled (can’t seem to get away from it no matter where we go) and the dust set off the alarms.
Thanks to Geoff for sharing his company and hospitality with us.
We recently got back from Fairfax Station, Virginia where we visitedDaniels Design & Remodeling. Here we are with the owner, Ted Daniels. We have known Ted for about five years since we both joined Remodelers Advantage.
The tall skinny white object in the background is the Washington Monument. Underneath is the barely discernible Lincoln Memorial. So much for sightseeing! We need to get back home to Illinois and building things.