Ready to Move? Consider Remodeling Instead
Is your house feeling a bit cramped?
Need more bedrooms or need an office but don’t have one?
After photo by Concord Carpenter
According to the National Association of the Remodeling Industry (NARI), people are now trying to avoid moving by remodeling. They are turning to builders and focusing on remodeling their existing home as opposed to moving.
Remodeling can be less expensive – the process of selling a home and moving can cost up to 10 percent of the value of your current home.
Avoid Moving By Remodeling
Remodeling also enables your family to stay in a favorite house or familiar neighborhood and school district. And though it can be stressful, remodeling is much easier than moving a household.
In addition, remodeling allows you to customize improvements based on your individual needs and lifestyle. Having lived in the house you often know exactly what is needed for the remodel.
There are many reasons people choose to remodel. You may wish to add more space, upgrade cabinets and counter tops, or improve energy efficiency with new windows, doors and climate control systems.
Remodeling and increased home values:
The Remodelers Council, a part of the National Home Builders Association, suggests remodeling projects that bring the value of your home up to the value of your neighbors homes.
A good rule of thumb is to keep the total of the value of your home before remodeling and the value of the remodeling projects to within 10 percent to 15 percent above median sales prices for a home in your neighborhood. Avoid projects that make your home the most expensive in your neighborhood or different from the other homes, such as a large outdoor swimming pool.
Experts agree that kitchen and bath remodeling projects are the most likely to allow you to recoup their investments.
If increasing your home’s value is a key priority, keep in mind that your keenest competition at resale will be new homes. So get a sense of what these buyers want by looking at the features and amenities found in new homes, such as great rooms and high ceilings.
Source: NARA, ARA
~ concord carpenter