Is your home feeling crowded? Does your layout or style seem outdated?
Do you love your neighborhood? Is your yard large enough for your growing family or the garden you’ve dreamed of?
Is the school district a good fit for your children? Is your home’s location too far from a new job? Are your monthly mortgage payments still manageable?
These are all key questions to consider when deciding between moving or remodeling your current home.
Moving may be the best option if you want to live in another area of town to be closer to a job, or enroll your children in a different school. Perhaps your family dynamics have changed and your family would thrive with new neighbors in the same life stage and new surroundings to explore. When location is your priority, keep in mind that changes and upgrades can always be made to a new home to make it the home of your dreams.
If you love the neighborhood and the location of your home, by all means, stay! A kitchen remodel (starting as low as $35K) and master bath (as low as $12K) can rework your space to fit your needs and personalize your home’s style. Upgrades done well can significantly raise the value of your house. Adding square footage (starting at $200sf +) is a bit more of an expense but may be well worth it to stay in the home and neighborhood you love and still have a home that meets your needs.
If you are spending $150K to $200K+ it is important to review the value of your home as it compares to other homes around you. Unless you are confident you will stay in your home for at least 5 or more years, it is wise to make sure your home value does not significantly exceed the value of the other houses in your neighborhood.
As you explore financial options, you can often secure a home equity second mortgage loan or Home Equity Line of Credit (HELOC) to pay for the upgrades. The new tax laws state that home equity used to substantially improve your home is not treated as home equity indebtedness, meaning it can still qualify for the interest deduction.
When weighing the options of moving or remodeling, take note of the time and energy required for a larger-scale remodel. Make sure you discuss budget and timeline with a remodeling contractor or architect before beginning the process. It will take at least 3 months to develop a set of plans to submit to the Building Department. Approval and estimating will take another 6 – 8 weeks before the project can begin. Meanwhile, you can prepare by securing another place to live or storing and/or covering items that may be in the remodeling area. There will be some disruption of dust, noise, subcontractors, staging areas and limited cooking or bathroom space. All of this may be well worth it for your family to stay in the place you love with a space that now fits your needs.
The fun part will be creating your new style and choosing personalized décor. D.E. Rink Construction can help you make all the decisions, even recommending a professional interior designer if you so desire. We are there every step of the way as shown in our proven home remodeling process. Some contractors shy away from remodels because of the extra time it takes to plan and build an existing home. Experience makes the difference and our pleased customers would agree. D.E. Rink Construction has completed many remodels both commercial and residential. If remodeling seems like the right path for you, D.E. Rink Construction is there to make your current house your future home for years to come.