Do You Want To Trade-In Your Home? Or Perhaps You Should Remodel Instead
Every year, millions of Americans move into their dreams home.
As time goes by, families expand, children grow older, and suddenly that home is not quite so perfect anymore.
Or perhaps you still do love your home at heart, but you really want a gourmet kitchen and a larger master bedroom.
Should you start looking for a new house then? Or would it be better to stay where you are and remodel the place instead? Both options involve a significant amount of investment in time and money, so it's important to take your time to study and make an informed decision.
You'll also want to make sure that you consider both the financial and the emotional sides of the equation.
Let's begin by examining the financial factors involved first.
Moving: A good local real estate agent should be able to assist you with accurate estimates on these numbers: -How much does it cost to purchase a home that will meet your needs? -How much could you really sell your existing home for? Don't forget to subtract the agent's commission from the total transaction amount.
-What will it cost to move house? According to real estate consultant and best-selling author of Remodel or Move, Dan Fritschen, a typical home move costs 10% of the value of your home.
-How much will your property taxes increase as a result of the moving? Remodeling: -What projects do you want to have and how much will they likely to cost? An architect or general contractor will be able to assist you with these.
-How much will the improvements add to the overall value of your home, also known as the "payback"? A local real estate agent can assist with this too.
Reasons you may want to move home: -If you relocate to a new neighborhood, or your children could attend a superior school.
-You would like to reduce your commute time or have better access to local amenities, such as restaurants and entertainment.
-You're not really fond of your current neighborhood.
-Your yard is too small for your family, and you cannot expand it.
Reasons you may want to stay and remodel your house: -You're happy with your current location.
It is convenient, you love your neighbors, and the schools are excellent.
-You love the current layout of your home.
-All you need is a little more personal space, and your home will be perfect.
Whether you decide to remodel or buy a new home, it is important to ensure that you have proper financing in place prior to moving forward to the next step.
If you decide to purchase a home, a mortgage originator will help you to determine how much you can really afford, as well as which loan package works best with your current overall financial plan.
In the case of home remodeling, you should meet with a mortgage professional before any construction takes place first.
Otherwise you may severely limit the type of financing options that could be available to you.
As time goes by, families expand, children grow older, and suddenly that home is not quite so perfect anymore.
Or perhaps you still do love your home at heart, but you really want a gourmet kitchen and a larger master bedroom.
Should you start looking for a new house then? Or would it be better to stay where you are and remodel the place instead? Both options involve a significant amount of investment in time and money, so it's important to take your time to study and make an informed decision.
You'll also want to make sure that you consider both the financial and the emotional sides of the equation.
Let's begin by examining the financial factors involved first.
Moving: A good local real estate agent should be able to assist you with accurate estimates on these numbers: -How much does it cost to purchase a home that will meet your needs? -How much could you really sell your existing home for? Don't forget to subtract the agent's commission from the total transaction amount.
-What will it cost to move house? According to real estate consultant and best-selling author of Remodel or Move, Dan Fritschen, a typical home move costs 10% of the value of your home.
-How much will your property taxes increase as a result of the moving? Remodeling: -What projects do you want to have and how much will they likely to cost? An architect or general contractor will be able to assist you with these.
-How much will the improvements add to the overall value of your home, also known as the "payback"? A local real estate agent can assist with this too.
Reasons you may want to move home: -If you relocate to a new neighborhood, or your children could attend a superior school.
-You would like to reduce your commute time or have better access to local amenities, such as restaurants and entertainment.
-You're not really fond of your current neighborhood.
-Your yard is too small for your family, and you cannot expand it.
Reasons you may want to stay and remodel your house: -You're happy with your current location.
It is convenient, you love your neighbors, and the schools are excellent.
-You love the current layout of your home.
-All you need is a little more personal space, and your home will be perfect.
Whether you decide to remodel or buy a new home, it is important to ensure that you have proper financing in place prior to moving forward to the next step.
If you decide to purchase a home, a mortgage originator will help you to determine how much you can really afford, as well as which loan package works best with your current overall financial plan.
In the case of home remodeling, you should meet with a mortgage professional before any construction takes place first.
Otherwise you may severely limit the type of financing options that could be available to you.