Deciding Whether to Remodel Or To Move

Everyone knows it, bathroom remodeling Harlingen tx is costly and expensive. Remodeling your bathroom can reach $10,000-and that’s just where the basic kitchen remodeling starts. In short, it is an investment and an investment where you would want to ensure returns on your amount spent.

Check Comparables

The first thing one should do is to figure out what the market bears. You can start out by getting an appraisal of your house as it is and then try to make comparisons on the sale price of houses in your within your area – houses that have already had similar improvements similar to what you have in mind. If your project can be completed without closing the gap with its current value and the future value of your house, it’s worth thinking about the project. However, if your house is already at the top in your areas market as far as price is concerned, then you are less likely to get back any of your investments in a remodel.

To Remodel or To Move

The next smart move would be to evaluate and weigh things out if the cost of remodeling is more reasonable than the cost of moving. Figure out how much a new mortgage would cost against a cash-out refinancing or equity loan, taking into account both interest and other related fees. Find out how much moving costs versus the costs of living in a remodeling house (for instance, costs should include hotel stays and take-out foods). And, of course, find out and make a pre-calculation of the average cost of your house, including the new features you prefer in a neighborhood as compared to the one you’re already in. Unsurprisingly, people find it’s cheaper and a lot less hassle to remodel what they already have than buying or building something comparable.

Consider Resale

While it’s sometimes a good idea to consider a major remodel as part of a make-to-sell program, it is also a good idea to keep the future owners needs and preferences in mind when doing remodeling. Some Remodeling magazines and websites sometimes do annual reports evaluating the ROI (return of investments) for various home improvements. They put into data, some numbers to determine, by region, what projects will return what percent of your remodeling investment if you were planning on selling within a year of remodeling.

Consider The Quality of Life

Finally, don’t forget to consider certain intangibles such as churches, neighbors, schools, etc. If you really love your house and neighborhood by heart, you need to take those into consideration. Resale or reselling isn’t everything. Even if there’s a slight chance of getting your investments back when you sell, it’s more than worth it to spend the money for that modern kitchen or new deck as long as you understand that what you are investing is not just for the value of the house, but in the quality of life you get for it.

Leave a Reply

Your email address will not be published. Required fields are marked *