It is that time of the year when families may begin to discuss whether they want to list their house for sale in the spring, or just renovate the one they have. If they are younger couples with growing families, the thought of having that one extra bedroom or playroom seems enticing. If a senior, the thought of one more snowstorm they need shoveling may prompt thoughts of moving someplace warmer.
Here are some considerations when making that big decision. A nice fire in the fireplace and a cup of hot chocolate may help with the decision making process.
Questions to ask about current home:
Do you like the neighborhood. Would you miss your neighbors?
Do you like the school districts
Amount of traffic on street
Size of property
Community itself in terms of amenities, parks, pools.
How long do you plan to live in the home? At least 5 years?
If all of those questions come out positive, then you may consider remodeling or adding onto to your home. Here is what you then need to think about.
What would it cost to add on to or renovate the house?
Once done, would the price of your home be competitive in your neighborhood in case you want to sell in future?
How much would this add to your property taxes?
What does your municipality require to build? Is there regulations on size vs property size? What type and cost of building permits, inspections, and certificate of occupancy do you need to get? Some zoning boards are very particular what they will allow.
Will the upgrade satisfy your needs?
Many people renovate because they enjoy living in one place for the long haul, with friends they’ve made, restaurants or Dr’s they are familiar with, but really need to compare the cost to rebuild, add on or renovate with the possible cost of moving to a different house, even in the same area that may satisfy your needs.
A contractor and a local real estate agent are good resources to let you know if your investment in “time and money” will maintain the value of your home.
Next blog will discuss what to look for before you remodel vs. move. Also, what remodeling ideas add value to your home sale price.
If you would like a comp analysis of your current home and how it compares to other homes of similar size in your neighborhood, don’t hesitate to call/text me at 914-523-087 or email me at [email protected]
Author:Thomas Ricapito Phone: 914-804-3048 Dated: January 6th 2015 Views: 1,239 About Thomas: I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degre...
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