Your family has outgrown your home in town, but you have roots in the community that make it difficult to leave. Is remodeling the solution?
Get professional advice before you jump into a major renovation project. Decide what changes you want to make, and get bids from several contractors. When you have an estimate on the cost of the project, talk to your Realtor to determine if these changes will be cost-effective. Over-improving your home may make it difficult to get your money back if you sell it soon.
It is a good idea to talk with friends who have remodeled to get a realistic picture about working with contractors and to determine how disruptive the project will be to your family life. Remodeling a home is a major undertaking, so be sure that it is the best solution for you.
Anonymous
Dallas, thanks for raising this very important and frequently overlooked decision. We always recommend that homeowners talk to a real estate agent as they weigh the pros and cons - remodel or move. A well informed agent can help consider the value of any improvement and look at homes that are available that already meet the homeowners needs. And an agent can help calculate the true costs of moving (property tax changes, etc) as well as remodeling (monies paid to contractor minus long term value increase of property) The online calculator at www.remodelormove.com is designed to help homeowners and agents together to walk through a lot of the issues and get a quick answer that the agent can use as a basis for a truly customized analysis.
Our website partners with agents to help homeowners who visit our site find a local agent that can help them make this important decision.
Thanks again for this valuable post.
May 11, 2010 05:01 AM
#1
Rainmaker
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