Remodel or Move

Should I Stay or Should I Go

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First get a  cost estimate.

Then figure how much that work would add to your home's value

Compare home prices in your neighborhood.

"In some neighborhoods, you just won't get your investment back.

Homeowners should tread with extreme caution if they own one of the most expensive houses on the block. "You don't want to create a white elephant, "White elephants are worthless. You have to look out and say 'I don't want to put $200,000 into a house if in five years the house won't be worth $150,000.Almost without exception, if you have a viable neighborhood and if you are bringing your home up to or slightly above neighborhood standards, from the financial side you almost can't go wrong by renovating "On the other hand, if you already have the biggest, nicest house in the neighborhood, then to go in and change that house has some drawbacks. You won't get it back on resale

The worst-case scenario would be doing a renovation and ending up with a home worth less than you put in plus an outstanding mortgage balance, and then being forced to move because of a job change or other life event. "It really depends on where your market is. You might not get your investment back.

Even with the increase in home value that a renovation can deliver, there are some things you just can't renovate away. "Look at land size, location, schools, neighborhoods filled with ugly houses and no trees, those are things you can't change readily, If those are the issues you want remedied, then a move might make the most sense. "If you've always dreamed about living at the top of a hill, there is nothing you can do to change your flat street.

A home, while an investment, is really about lifestyle first and an investment second. Does your current home, if
remodeled, make you happy? If your home, even if remodeled, doesn't meet your needs, and if you can
afford something else, then move." "But most of us come home seven days a week. And if you come in
and say, 'I love this place,' then there is a lot you can overlook. But if you walk in and say 'I
hate this place,' then move.

If you are unsure on how much your house is worth and want a professional opinion of the value of your neighbourhood

 Call me or e-mail me and I will give you a free market evalutation

suehar@mnsi.net