A stunning transformation: is your property suitable for some major remodeling?

When a family’s needs have changed and the house they are living in does not work anymore, should they buy a different house or remodel the home they are in?

Another reason to consider a house’s suitability for renovation is when a person is thinking about purchasing a house that has problems.

Then, a home might be in a good neighborhood and the right size but suffering from wear and obsolescence in the kitchen and bathrooms.

Moving or Remodeling – a difficult Choice

Have you outgrown your existing home? Is the home older and suffering from wear and tear, with inadequate bathrooms, kitchen, and systems such as electric, plumbing, and HVAC? Is the roof in need of replacing? When you purchase a new home, all of these problems are solved and the costs included in the mortgage. But, how do you get the money for the major updates your house needs?

Remodeling may be more cost-effective in the long run than moving to a new, more expensive home. If you have built up large equity in this house, you can refinance to get the money to remodel, or you can take out a home improvement loan. It is important to do a little research and compare the costs of remodeling vs. the cost of moving to a new home with higher mortgage payments.

To start this comparison process, hire a local home inspector to go over the existing home and all the systems, roof, and structural elements. This will give you a baseline for remodeling needs for the home. Then, make a plan for the needed repairs and changes. Have several local remodeling contractors give you input and estimates for doing that renovation work. Now, see if you can borrow the money to cover the renovation costs.

Visit a Realtor and have them give you a market analysis on your home as it is. This will give you a probable selling price. Then, have them show you homes in areas you like and with the features you need. What is the price of the homes you like? Will the money you get for your existing home cover a good downpayment on the new house? How much will the new monthly mortgage payments be? Can you get a new mortgage at the interest rate and monthly payment you need?

Staying In the Existing Home?

In this new real estate market, many families are finding it more difficult to find a new home they can afford even if interest rates are…
 
 
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