Your house doesn’t have enough storage space, bathrooms, or counter space! Not too mention your kitchen is old, small and poorly ventilated. Now you are trying to decide between remodeling your current home to address some of these needs and buying a new bigger home. This is a question many homeowners find themselves trying to answer. There are a few key factors to consider as you try to decide what will be best for you and your family.
First think about the location of your current home. Do you like this area? Do you have kids in local schools? Is there a low crime rate? If you like your current location, then you need to determine if you are able to buy a new bigger home in this same neighborhood or would you be forced to buy in a different less desirable area? If you can’t afford a bigger home in your current area and you want to stay local, then you should consider remodeling/adding more square footage on to your current home.
Another factor to consider when deciding between remodeling and buying a new home is the disruption caused by remodeling. If you are remodeling your kitchen this means you will be without a fully functioning kitchen for a couple of weeks. Even if you are not working in a key area like the kitchen you can still expect disruption from any remodeling project. Construction materials, dust, noise, and additional trash will be sure to accompany any remodeling project. If this doesn’t sound like your cup of tea then maybe you should buy a new house and leave the messy, inconvenient remodeling to someone else.
Finances obviously need to be taken into account when making such a large decision. If you don’t have the cash on hand then you might want to tap into your home’s equity. When remodeling you can leverage the equity you have in your home to pay for the upgrades. If don’t have a strong equity position in your current home you might be better off selling you home and buying a bigger home for a similar price in a less desirable neighborhood.
When thinking about adding more square footage to your existing home you need to consult your local zoning laws. In some areas you might not be able to add-on due to zoning laws so be sure to do your research before starting construction.
All of these factors need to be considered before making a decision on whether it makes more sense to remodel your current home or buy a new home. The home is often our largest investment so when making decision about remodeling or buying a different house it is important to consider all factors.
By: Gregg Hicks
Posts Tagged ‘Neighborhood’
A Home’s Renovations Project Can Increase Real Estate Value
June 2nd, 2010
There are many aspects of a homes renovations project that you could consider for increasing the value of your home. Many of the top builders today do more kitchens and bathroom homes renovations to increase the value of a home than any other project. If you are looking to sell your home, then a few key renovations are in order for you. This article will explore some of the key homes renovations ideas you might consider.
Perhaps the basement is a good place to start when looking into a homes renovations project. Why the basement? Well, most basements have ample space for making changes. You may consider a play room for the kids or even for grown ups. If the basement is not an option you might want to look at a couple other more common places in the house; like the kitchen.
The kitchen is one of the first places to be noticed and often one of the most used rooms in the home, thus, many homes renovations ideas are focused on the kitchen. Maybe you could add a new sink, and some new flooring to increase the look and value of your kitchen. It is not a difficult project, but spending a few extra dollars to hire this work out may be the answer.
Not interested in doing it yourself?
You could hire a professional contractor to do your homes renovations for you. Hiring a professional is going to cost more, but if you have enough equity in your home it may be a great option. The benefits to hiring a professional for your homes renovations are many. Professionals can help with planning, drawing up the project, and creating a better look and feel for your ideal home. You may also consider hiring some friends to help.
Hiring local talent
Do you have a neighbor that has some building skills? You may be surprised at the talent people display when called upon. Perhaps your next homes renovations idea could include a few pizzas, and a weekend potluck. Try asking the local neighborhood to pitch in and see what happens. But, you may want to be well organized before doing so.
Planning a head
Like it or not many homes renovations project are going to add some level of inconvenience to you and your life style. You can cut this to a minimum by planning ahead now. This may be one of the smaller and seemingly insignificant parts of the homes renovations plan, but it might be the best thing you will ever do.
By: Tom Turner
Which Home Improvements Add the Most Value?
January 3rd, 2010
Each cent spent on home improvement should be worth it. You need to be well planned about each improvement you make on your home. According to a statistical survey, for every US dollar you spend on home improvement, the value of your property appreciates by 70 cents.
When you have given work to a contractor, never pay the entire amount upfront. Pay the contractor in phases as the phase of a designated job gets completed. This way you will not be cheated when you go for a home improvement or remodeling task.
There are many home renovation options available. The most preferred ones are those which give the investor more returns on their investments. These area upscale siding replacement, addition of wooden deck, kitchen remodeling, replacement of windows, bathroom remodeling (mid range), remodeling attic into a bedroom, finishing work for basement, adding a second room, construction of garage, etc.
The renovation work on your home can be classified into minor, mid-range, and major investments depending on the cost of the task. Changing the flooring, tiling work, shower doors, etc would come into minor renovation works. When you are remodeling the bathroom, this could be called a mid-range renovation. Renovation that makes a style statement, like building a pool and outdoor kitchen or a fire space, goes under the category of major renovations. The important thing that you have to keep in mind while having home improvement is to make your home more energy efficient, beautiful, and comfortable. Make sure that your way of living in your house is a more lively and enjoyable.
If your home improvement idea revolves around the idea of a resale, take into consideration your neighborhood when you go for a major remodeling idea. Unless you live in neighborhood of million dollar houses, you want to rein your ideas for a 6 figure remodeling. An investment that increases the square area of your home is a good investment on price. Such kind of investments adds value to your home.
Remember, when you build a pool, it is just the beginning of the many additional expenses. Add the maintenance cost of each addition into your budget and take into consideration the cost of labor, the price of materials, etc.; when you are preparing budget for a remodeling idea. You can create a budget based on room by room or job by job.
Renovation experts suggest that fuel efficiency and energy savings should be on top of the agenda when you are deciding on home renovation. This is a good way to reduce your energy bills. The other idea that most people include is the security measures. This is a necessity and provides good return on an investment.
Stop yourself from exotic decorations on your home. If you are planning to move away or relocate in a few years, say a year or so, don’t go for big budget renovations; instead invest small amounts to keep the property looking new and well maintained. Garden improvement is the improvement which attracted the least amount from home owners statistically.
If you are planning for a home renovation, there are various lenders who will provide you with the money for home improvement. Check with a host of lenders to know various rates of interest and amounts before you zero in on one.
By: Mary Deoquino