The first step in deciding whether or not remodeling your home makes more sense than selling it is deciding whether or not the home meets your physical needs. If the home is just too small or can't be remodeled to have enough rooms, there is no point in remodeling it. Remodeling may make more sense if your home is the right size for what you need. However, you may need to remodel a bedroom into an office space or knock out a wall for a larger master bedroom. Consider the increase of higher property taxes if you move. Remodeling does not usually result in much of an increase.
Questions to Ask First
- Will the remodel meet your temporary need or be a lifestyle investment?
- Will you enjoy the remodeling results?
- How long will you be living in your current home?
- What kind of income will be available in the future?
- Does your floor plan work; the bathroom, the kitchen, the garden, and other areas?
- Does your home need an abundance of updating? Will the updates be simple or will it require more hardware for energy-efficient appliances or other items?
The Bottom Line
According to research, the rate of remodeling a home is at its highest point since 2004. Selling or listing a home may not bring the price you need to buy a home to better accommodate your family and its needs. According to retail market prices, on a per-square-foot baseline, it is less expensive to remodel the home.
Exploring the Benefits of Remodeling
If you are still not sold on remodeling instead of listing, it helps to explore some of the benefits of remodeling.
Stability: You already have children attending the same schools, have great neighbors, and know all the great shopping spots. Comfortable surroundings are important. If you move, you and your family will have to get adjusted all over again.
Familiarity: The age of the refrigerator or air conditioner is known, you know when roof repairs were done (and done correctly), and any other home improvements you have accomplished over time. Awareness of what utility expenses are is also an important factor to add to the mix. You know these facts and many more. Again, this is stuff you would have to learn all over again if you moved.
Customized: Chances are you have already got the home you desire and can locate all items. You may need another closet or want a hardwood floor instead of carpet. Your bathroom may need a face-lift because the appliances are old and need repair. No home you purchase will have all the qualities you desire. Why deal with the hassle of moving, when remodeling gets you everything you want?
Naturally, whether you decide to remodel your home or sell your home is a decision only you can make. Just think about what is best for your family and let that guide your decision as you start your home planning.