The idea of going through a major renovation or finding a new home is a daunting one, but to have the home of your dreams you will have to decide which one is right for you. Here are three things to consider when making the decision.
Wish List – Create a list of must-haves for your home. If you really like the location of where you currently live, especially if you love your community and neighbors, that is sometimes hard to find again. Location will then be on the top of your list and play heavily into your decision to stay or leave. If you want a pool and your current home’s lot coverage will not allow for it, you will have to move if this is a top priority. Other things like a private backyard, a basement that can be finished, a certain number of bedrooms/baths, or a spot for a garden might be on your list. It will be difficult to find a house with each must-have but getting as many of the top things on your list is the goal.
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Cost to Move vs. Renovate – There is no easy way to look at this because there are so many items to factor into the cost for either option. When you are calculating the cost to move you must include closing costs, real estate commission, moving company, repairs needed to pass inspections and get home show-ready, costs to go to a bigger home (higher mortgage, taxes, and utilities), and some remodeling on new home needed to make it your own. According to Zillow research homeowners spent an average of $6,570 getting their homes ready to sell. When remodeling your current residence, you will need to figure in the cost of materials, labor to install, architect fees, building permits, construction costs, demolition, plumbing and electrical, and new appliances and fixtures. It is important to have a contractor get you a price for the renovation work so that you can make an informed decision with good numbers.
No Pain, No Gain – Moving or renovating, the change will be an inconvenience. But weighing what each path involves with your level of tolerance will be important in this decision. Making a move can be quick or quite drawn out. Right now, getting an offer accepted on a great house can be frustrating and time-consuming. Then you must get your home ready to sell, deal with inspection requests and pack up all your belongings into what feels like thousands of boxes. Then there is the endless unpacking, buying furniture for your new space, and changing your address! Remodeling is a little simpler, but not as neat; you will be living in the middle of the often-messy transformation and chaos. The timeline for remodeling includes the planning/permitting process, ordering and waiting for materials, and construction schedule. Either path you take may be a bit stressful and take a couple of months, or up to a year before you are finally relaxing in your dream home.
If you would like to find out how much your renovation would cost and what is the right path to your dream home contact TrueLeaf Kitchens at 908-766-2006 or visit our website at www.trueleafkitchens.com.