Should I move or remodel? This is a question that many homeowners arrive at sooner or later in their home ownership. Both have their advantages and disadvantages. As a home remodeling company, we’re partial to remodeling ourselves, and we think there are some pretty good reasons for staying and remodeling compared to packing up and moving.
The biggest advantage remodeling has over moving comes in the costs associated with both. There’s no doubt that both options are expensive. However, remodeling has the distinct advantage that you can actually make back the money you put into remodeling when you finally do decide to sell your house. Those remodeling projects you do now will cost you out of pocket, but they’ll add a lot of value to your home. This will be a big benefit when the time comes to sell. The value of a home with extensive remodeling could appreciate by $100,000 to $150,000. So, not only do you get to make back the money you put into remodeling, you might as well be living in a new home with all the work you’ve put into your current one.
Costs associated with moving are frequently underestimated, and unlike remodeling, there’s no potential to make back the money you put into moving. Things like real estate commissions, financing charges, and moving costs can add up. Unexpected increases in property taxes on a new house can also put a big dent in your wallet, as many times your property tax isn’t reset year after year when you’re living in the same place. While remodeling could increase your property tax, it’s not likely to increase as much as moving to a new house.
So, as you ponder this difficult question, consider the fact that not only will remodeling make your home look new, but you also have the potential to make back a good amount of the money you spent on the project. If you’re ready to remodel, C.C. Dietz is ready to help! We’ll meet and discuss the project, create a design for your approval, and then begin construction. In no time you’ll have a brand new room to enjoy and you’ll reclaim valuable interior space. Basements are no problem for C.C. Dietz!