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Remodel or Move? Considerations for Home Owners

moneyhouseSince the housing market crashed throughout most of the United States, selling has scarcely been an option for most homeowners. However, the market is finally starting to show signs of recovery. Houses are selling, and prices are going up as well. As a result, many homeowners looking for more space or different features once again have a choice between renovating the home they already own or moving to a new one. In making the decision, a number of choices must be considered.

Selling Must Make Sense

Quality of life issues are important. People considering a move should look at their lifestyles and whether a move would improve that lifestyle or not. Good schools, easy commutes and walkable neighborhoods are all the types of values people may want to consider when they think about their present location versus the areas they may be moving to.

Even with the markets in recovery, people may find that selling still simply does not make financial sense given the costs and losses involved.

Renovation Must Give You the House You Want

It’s important to be practical. Does the renovation fit the house? Is resale value important? Do those custom windows fit with the overall architecture, or are there better choices? Homeowners should make renovation choices wisely, and if their hearts are truly set on a style that does not fit, they may want to consider selling.

The House You Want Must Be For Sale

Houses are quite scarce in some places, and it may simply not be possible to find and purchase the right house. Houses may be too small or too big; the features wanted simply may not be available in any houses that are on the market.

Hidden Costs Must Be Accounted For

It’s almost a truism that renovations will end up costing more than expected. To avoid this, homeowners should do a good deal of their own research. This involves pricing the materials and finishings that contractors will use. For example, New Jersey residents who want to replace their windows may call a NJ window company or two to find out prices. Purchasing the items for the contractor may bring down costs significantly. It’s also worth negotiating with the contractor to find out what types of payment plans might bring down costs. Finally, even with all this advance preparation, it’s wise to set aside 10 to 20 percent of the estimate to cover unexpected costs.

Trust Your Instincts

Logic and balance sheets must play an important role in this decision, but gut feelings are important as well. The housing market is changing rapidly. What is true today may not be in a year; houses may become more available, neighborhoods may change or prices could drop. There’s no point in going forward with such a huge and expensive change in the face of discomfort. Homeowners truly struggling to make a decision might do best to wait and watch developments before jumping into either selling or renovation.

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