Should I Move or Remodel My Home?

    If you like your neighborhood but the home you are living in does not meet your current needs, you may be considering whether to buy a different house or remodel your current home. There are many different emotional as well as financial factors involved. How do you decide?

Five Reasons to Consider Moving.

1. You would like a better school system for your children or a shorter commute to your job.

2. You don't want to make stressful decisions and deal with the long and inconvenient process that remodeling or a major renovation might involve.

3. You own the largest or most expensive home in your area and are unsure if you may have to relocate at a later date.

4. You have a house on a difficult building lot or with a floor plan that may not lend itself to an expansion, without significant expense resulting in a minimal improvement.

5. You want the higher ceilings, a grand entryway and a more maintenance free lifestyle that you believe a newer, more contemporary house will provide.

Five Reasons to Consider Remodeling or Adding On.

1. You would prefer to have your large landscaped yard with mature trees instead of a bigger newer house in a subdivision that is built on what was once a cornfield.

2. You don't want to make compromises searching for the perfect new home, since often times buying and selling involves making quick decisions you may later regret.

3. You own a medium size home that you can invest in by renovating with energy efficient Green Home materials, and expanding with quality improvements that add good market value.

4. You have the patience to improve your current home over time instead of buying new and paying upfront for moving costs, commissions, higher taxes, utilities, insurance and so on.

5. You want the satisfaction of living in a custom home that you have created and which reflects your unique style and individual taste.

    Building an addition to your home can make dollars and cents. Real estate taxes for a renovation, are usually based on the amount of new living space added. In most towns a county appraiser will assess a new addition at the existing base tax rate of similar homes in your area or neighborhood. This means that the quality of interior upgrades or improvements that add value to your home do not result in a higher tax bite.

    Certainly there are other factors to consider. You should do your homework by exploring whether an addition or remodel is a wise course of action. If your home does not lend itself to a remodel, consider purchasing a house that costs less in a good neighborhood with the opportunity for expansion. When looking at a "fixer upper", do not rely on a realtor's guess as to what the feasibility for upgrades may be or how much they will cost.

    Consider the type of addition that might be best suited for your house. In all cases, fully analyze the renovation potential and probable costs for improving your home by consulting with an architect and contractor team.

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