To Move or Improve?

 

remodeling

 

 

 

Are you considering renovating your existing home or starting completely over by moving? If you ask around, you’ll receive mixed opinions, but the ultimate decision is up to you (and perhaps your significant other). But how will you come to a decision? What criteria should you use to make a rational decision on whether to stay and renovate or pack up and move on?

 

 

Here’s some criteria to help you decide:

 

1.) How do you feel about your neighborhood?paper home

  • Is it a place you enjoy?
  • How well do you get along with your neighbors?
  • Would you miss your neighborhood community
  • Are you and your children happy with the local school district?
  • Is your neighborhood a good fit for you (and your family)?
  • You can always fix a house, but you can’t fix your neighborhood

 

 

2.) Is there an intangible quality to your house?

  • While not every house has significance beyond simply providing shelter, many do. Whether it is the age, design or historical quality, a home that has significance shouldn’t be subjected to the wrecking ball. Expanding, renovating and adapting homes of such value are sure ways to keep the significance alive for years to come.

 

 

 

3.) Does renovating make sense financially?moeny

  • There are a handful of factors to consider when it comes to the question of ‘How much will renovating cost?’. If you are renovating, there are going to be other costs. For example an associated cost could be temporary living quarters while your house is under construction.
  • However it can also cost money is you stay and you are in the way. Some contractors may charge more where clients stay because there will have to be additional cleanup on a daily basis, a rush for certain mechanical work (i.e. plumbing, electric), and even something as simple as socializing with the onsite homeowners (wasting time on the clock).
  • If you are planning on moving, there will be associated costs with purchasing your new home as well. Costs will include: realtor fees, decorating the new home, moving truck costs…..etc.
  • Determining whether to stay or move requires you to evaluate all the costs on both spectrums before making a decision.
  • This decision is best to determine with a contractor. If you have never been to a house that is under-going a remodel, you should so you can understand how much of your home/life will be affected by what you have planned.

 

 

4.) Does your existing house have a sturdy foundation?

  • Not every house is an ideal candidate for a renovation. While there might be a good reason to renovate an old historic barn that is full of family memories, a 20 year old house with a collapsing foundation or other significant defects would not be a good candidate. Therefore make sure you asses (either yourself or professionally), the bones of your house to see if the base of your home is structurally solid.

 

zoning5.) Are the new zoning restrictions going to affect your renovation plans?

  • Depending on the age of your house, the zoning restrictions may have been different during the time it was built.
  • While the house you currently reside in may fit you perfectly (due to the previous lenient restrictions), a new house in its place might not.
  • You should evaluate height/distance to property lines, yard dimensions…..etc., to see if saving the existing structure of the house is worth your while.

 

 

 

6.) Are you willing to have patience and fun with a renovation project…..even when it is not going well?

moneypit

  • Whether you are remolding or even building a custom home, you will have to make numerous decisions. Some of the major decisions include: size, budget and time frame. While some of the other decisions come down to minor details but are extremely important to the whole aesthetic and feel.
  • Make sure you keep your sense of humor. If you are considering renovating, you should watch The Money Pit. The dialogue is filled with classic lines, such as “two weeks” as the stock answer to the question about when the project will be finished. Just remember that renovations may not go as smoothly as planned, but that it’ll be all right in the end. So do your homework, trust in the professionals you’ve hired and enjoy the ride.

 

 

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