Most people reach a point in their home when they start becoming a little antsy. The house may begin to seem too large after the children have moved out. The areas that you used to love in the house may begin to bother you. Whatever the reason may be, the question remains: is it better to buy new or remodel the old?
The ins and outs of buying a new home:
The market has improved dramatically over the last few years. The sales of existing homes have increased, reaching the highest level since 2006. If you have been patiently waiting for the real estate market to recover, it most likely has in your area. It takes approximately 2 months for a home to sell in this market.
Look around in your area to see how much homes are selling for. Consider what it is people in your area are looking to find in a home. If you like the price homes are selling for and you have what it is people want in a home, then selling your home may be the best option for you.
The ins and outs of remodeling:
For the most part, remodeling is going to cost less than buying a new home. However, in recent years, with the cost of materials for construction and labor costs rising, remodeling has become more expensive. The national average to have a second story added with a living room, bedroom, and bathroom was $155,365. Generally, you can estimate paying $100 to $200 for every square foot that needs remodeling.
When determining whether or not to remodel, you should consider whether the remodeling project you want to do is going to add value to the home.
Last consideration:
In determining whether to remodel or buy a new home, you need to think through the part that you can’t change: location. If there are parts about your location that you really do not like, then moving could be more beneficial. But if there are parts of your location that you never want to depart from, then remodeling may be best. A house is not only a financial investment, but it is also your home.
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