Uncategorized September 8, 2022

Move or remodel? What to consider before making the decision.

Image of a home remodeling project

Photo Credit: Milivoj Kuhar via Unsplash

At one point or another, many homeowners decide that they need a change. Whether it is due to a growing family or a shift in their day-to-day lives, some people simply want to update the layout of their current place or find an entirely different property to call home. Whatever the case, a decision must be made. Here is a list of considerations from Sandy Loefgren with Windermere Real Estate that should make your final decision a bit easier.

Financial Decisions

Before you begin to think about the logistical aspects of your decision, you need to consider the potential costs and expenses. Think about the scope of your project. Is it just a few cabinets or the look of your appliances that rub you the wrong way? If something can be easily replaced without the extreme costs that can come along with buying a brand new home, you may want to go the easier direction. 

If you want to have a remodel of a larger scale, then connect with a designer to determine your goals and what is most reasonable. If you are looking to redo multiple rooms, then you may start leaning toward buying a new home, but you also need to remember the various costs and fees attached to such an endeavor, including taxes, property inspection fees, and title costs, among others.

If you’re planning on purchasing a new home, look at your income and monthly costs to determine what you can afford for a monthly mortgage. While mortgages are available to people at a variety of income levels, you’ll find better rates if you improve your credit score. Also check 30 year mortgage rates today to see where they land. Rates change daily, and increases can dramatically change your mortgage payments, so it’s best to be aware and take advantage when they are low. 

You’ll also want to get a clear idea of how much equity is in your current home. Make your calculations, though recognize that the market will also be a determining factor. Working with a real estate agent can help you to get an even more accurate understanding of your equity. Sandra Loefgren is an experienced agent who can guide you through this decision-making process. Contact her today to learn more about your options.

Considerations When Moving

If you are leaning toward the idea of moving, you will want to consider the pros and cons. On the bright side, you can find a house that exactly meets your needs and expectations. It may cost more, but if you can get exactly what you need without all the construction work and drama that sometimes comes when working with contractors.

However, while you may get the room sizes you want and the amenities you desire, you will be moving into an unfamiliar house that may have other issues that you are unfamiliar with and they will now be your responsibility. 

There is also the emotional aspect of moving. You’ll be leaving an area that you love and potentially moving to an unfamiliar place where you’ll have to rediscover the locations of grocery stores, gas stations, and the best restaurants — not to mention the challenges and impact on your kids if they have to change schools.

Considerations When Remodeling

Weighing the pros and cons is just as important when remodeling because even though you will stay in one place, there will be a lot of changes and issues to tackle. However, a remodel allows you to get exactly what you want while the rest of your home stays the way you like it. You’ll also only need to pack up a couple of rooms instead of a whole house.

Remodeling can be an extremely complex project as you deal with numerous contractors, budgets, and potential delays. You may also face some unexpected expenses as contractors strip out what you have now to put in your new changes. 

If you are doing several rooms, it is advisable to go one room at a time because you may not have access to that space during the remodel, so keep that in mind as well.

Deciding whether to remodel or purchase a new home can be a difficult decision. Use the tips above to work through the process. 

If you’re looking for the perfect home to purchase, get in touch with experienced San Diego real estate professional Sandra Loefgren. Call today at (619) 850-8328!