Homes are the largest investment most families will ever
make. More than that, they are places where memories are made. How do you feel
about your home? Does it need a little
work? If you have a growing family or if
your home could use some updating, you may be considering either moving or
remodeling. Here are some tips to help you make the decision.
Emotional attachment
If you really love your home, you’re likely going to want to
stay if there’s any way to make it more livable. Plus, while moving is exciting,
it takes a lot of work. If you like your neighborhood and you like your home,
then staying may just be the best thing for you. However, if you aren’t so
attached to the location or home itself, there are some other considerations.
Your neighborhood
Updating your house will certainly make it more livable. One
thing to consider, however, is the amount of upgrading for your neighborhood.
While you almost never get all of your money back for a remodel when you sell
the house, you get even less of a return if you upgrade your home too much for
the neighborhood.
If your home just needs some modernization and you would
like to stay in it for a while, then a little remodeling could do the trick. If
you’re considering a larger upgrade, compare other houses in the neighborhood
first. If the upgrade will be too
dramatic for your neighborhood, maybe you need to move to a new neighborhood.
Your HOA
If you’re wanting to do work that will be visible on the
outside of your home, your HOA rules need to be considered. Failing to follow
HOA guidelines can cost you a lot in fines and in labor costs when you need to
have the work redone.
If the HOA doesn’t like your design, you can consider moving
somewhere without an HOA or to a home that already has what you want.
Financial considerations
If you are upside down in your mortgage, you may feel that
it’s better to make changes to the home you have. That is an option, as long as
it doesn’t put you deeper into debt. Remodeling will add value to your home,
just not as much as you spend on the project.
There are also market considerations. Compare the price of buying a home with
everything you want to the cost of a remodel. Sometimes it’s cheaper to remodel
and sometimes it’s better to sell and upgrade.
Talk to your realtor
No one knows local real estate better than your realtor. If
you’re considering a move, talk to your College Station realtor to see what’s
available on the market with the amenities you’re looking for. You might just
find that the perfect house is out there waiting for you. Emotional attachment
aside, it is often better financially to move than to dramatically upgrade your
home. If it just needs a little work here and there, however, you may be able
to pull it off in a financially responsible way.
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