 Is
remodeling something you really want to do or should you move?
Which is the
better choice? If you do remodel, should you do-it-yourself (DIY)
or hire a professional? If you hire someone, which type of
professional should you choose? There are so many questions to ask
yourself before you make a firm decision to remodel.
Remodeling and moving are both significant financial investments.
The difference between the two investments is where the money is
going. In remodeling, the money is being reinvested. However,
remodeling cannot offer a change of neighborhood or school system.
If these are the reasons you want to make a change, remodeling may
not be the right answer for you.
The American Homeowner Foundation states the cost for selling your
home and moving is at least 10 percent of your current home's
value which covers such costs as real estate commissions and the
termite inspection. This amount does not include the following
costs though:
• The actual
moving and storage costs, which could be an additional several
thousand dollars, depending on the distance of the move and the
weight of your household belongings.
• The cost of any cosmetic work that needs to be done to put the
house on the market.
• Any housekeeping services to maintain the house while it is on
the market.
• Any discrepancies between the listing price and the sale price.
• Or the risk of not selling the home.
Moving can be a
serious financial drain. While you are adding up costs, don't
forget to tack on those, in addition to incidental items you
always need after a move: new shelf paper, plants, curtains,
bathroom toiletries, etc. However, if you are looking for a new
area to raise your children or a dramatically different home, then
moving may be a good investment of your money.
Then again, how much remodeling could you do with 10 percent (or
more) of the value of your home? Could you change the parts of the
house that you don't like? Before you pull up stakes and move to a
bigger home, decide what it is you want to change. Do you want
more space? More light? A new style? Most of those can be
accomplished through remodeling. The best way to approach this
decision is to contact a professional remodeler to find out what
is possible in your particular home and to establish an estimated
budget. With this information, you will be able to make an
informed decision. |
