Should I remodel or sell my home? -Real Talk with Brian & Dan Episode 38
One of the more common questions we hear is “should I move or remodel?” There are a number of things to take into consideration in making this decision. The first question I have is do you like your neighborhood? If the answer is no then a remodel is not going to change that.
The next questions are more about financial considerations. A remodel is usually quite expensive but so is a move. The cost of selling and buying can go a long way towards the remodel cost. If the idea is to add a lot of additional square footage then a remodel may not be as feasible. It is important to take into consideration if the neighborhood will support the increased value. It is usually not a good idea to own the most valuable home in the neighborhood. Generally, the cost of new construction is considerably less than the cost of a major renovation on a square foot basis.
There are always exceptions buy more times than not an extensive remodel will make more sense than a substantial addition. One of the services we provide at no charge to our clients is a move or remodel consultation where we complete two market analysis, a before and after. This answers a number of questions including the feasibility of financing the project and determining in fact the remodel would “overbuild” for the neighborhood. This can be a great opportunity to turn your home into the dream home you have always wanted and to save money at the same time.
For most owners, the most affordable home is the one you already own. longer. For our King County home sales report, market activity looks like it has started on the upswing and shows signs of a hotter than normal winter market. Right now with rates as low as they are and knowing it is likely they are going to stay low for the foreseeable future your dream home my easily be within grasp.If you would like to explore this or any of the other exciting real estate options available to please call us for a free consultation