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To Remodel My Home or To Move?
To Remodel My House, or Move?
Every house you buy will have something that you want to change. For some, the desire to change that one thing, or those few things, turns into an action. If you have decided that making changes is the right option be sure to get quotes before you start knocking walls down! Most people think that a basic remodel is less expensive, but what they don’t know is sometimes changing or remodeling a space is more expensive than buying a new home entirely.
When trying to make the decision to remodel or move don’t forget to take all factors into consideration. There are a few worth mentioning, and we are here to help you make that decision!
1. What do you want from your house?
This will always be the question that comes first. If you want to remodel, what areas are you wanting to change, are you wanting to move walls, or change a floor plan? Is it something cosmetic? Do you just want to redecorate, or repaint? We are sure that you have ideas in mind, but also understand that regardless on whether you move or remodel, everything STILL won’t be perfect. For a starting point, Jennifer Kopf of Country Living shares how one couple started their DIY project
Country Living magazine suggests any number of kitchen makeovers. If the kitchen is too big of a project another popular area of the home for remodeling is one of the bathrooms
Having a vision in mind will be able to help you gauge the extent of the remodel. Ask yourself if you want a more modern house or traditional, are you wanting more storage or more elbow room?
If you want to modernize your home, then maybe remodeling is the way you need to go. When it comes to adding more rooms or square footage however, remodeling might not be the route you would take. Clearly adding more rooms or more square footage requires more land… If your lot size isn’t big enough to make these changes then moving to a larger home might be a better option for you
We are sure you are wondering “Well what if my new home doesn’t meet my criteria? Will I still need to remodel?” In most cases you should be able to find a new home that meets your new criteria, but think of it price wise… You purchase a new home and all it needs are new cabinets, or a fresh coat of paint. Those changes would be significantly cheaper than moving walls, or gutting your current home to give you the space or look that you want. That is why it is incredibly important to set your expectations early.
2. How much do you want to spend?
Next, you want to see how the cost of moving compares to the cost of the remodel. This is why we recommend that you receive quotes from general contractors that specialize in the work you are wanting to do before taking any further steps. Again, there is a possibility that your remodel may cost more than purchasing a new home. This question has a lot of moving parts because you probably have equity in your current home as well, and with that equity comes other options.
You could do a cash-out refinance which will allow you to take up to 80% of your home equity out. Check out Bankrateto see how much pulling out cash from your Killeen home will cost you. This will give you a lump sum of money that you could use for the remodel. Another option you have is to take out a Home Equity Line Of Credit often referred to as a HELOC. A HELOC is a type of home equity loan that will allow you to draw funds as you need them and you would repay the money at a variable interest rate. These are typically best for people who need funds for ongoing home improvement projects. HELOCs typically have a lower interest rate than say a personal loan. Though these sound like great ideas, whether or not you should go this route depends on how much value the remodel will add to your home.
For best results, we recommend talking to a financial advisor and/or a realty expert to compare these numbers.
3. Where do you want to live?
Another question you should ask yourself is if you still want to live where you are now. It’s okay to be completely in-love with your neighborhood. If that is the reason you choose to stay and do a remodel then that is perfectly fine! However, if you have a dream neighborhood in mind then selling can get you there. If you have a family with school-age children, then the surrounding school districts will play a major role in making your decision as well.
4. How much time do you have?
The last question you will want to ask yourself is, how long will all of this take?
Selling a home takes time, depending on how the market is doing at the time of sale you are looking at anywhere between 2 weeks and 2 months. Depending on the remodel however, a remodel can take anywhere between 2 weeks to 6 months depending on how much you are wanting to get done. Before making a decision, come up with a schedule or time frame of some kind.
Another thing to consider is whether or not you choose to live in your home during the remodel, if you do decide to live in your home during this time remember it is going to impact your day to day life until the project is complete. In the event that you choose to live elsewhere during the remodel, you’ll need to to understand that may be an additional expense you will have to consider as well
If you would like to get an idea of what your home is worth, or even what it would look like if you choose to sell your home and move, We Buy Houses Killeenis a great resource. We want to help you make an informed decision! Please visit our websitefor more information or call us today at 254-268-2988!
