In an article posted on REMAX/Realty Plus (https://www.remax-realtyplusfl.com/remodeling-vs-movingwhich-is-right-for-you/), homeowners are reminded that after a few years or even decades in your home, you may discover it no longer meets your needs. When that is the case, you have two options. (1) You can move and find a new home that meets your needs; or (2) you can remodel your existing home so it fits your needs. Both options have pros and cons. Here are questions you need to ask yourself before you make your decision.
1. Is your location good or bad?
If the location does not work for you, that cannot be changed. In this case, moving is the option that will fix this problem.
2. What about the size of your home?
Do you want significantly more or less space? If you want less space, it’s time to move. If you want more space, you could add on to your home if your lot has enough space for that, your restrictions allow it and you have the money to do so. If adding on is not an option, moving is again the best choice.
3. Beyond the location and if you like the place you are, do you like the area and feel comfortable in it?
Did you buy your home 20 years ago and perhaps the neighborhood has had a lot of homes added and it is no longer the quiet neighborhood it once was? This is another thing that cannot be changed without moving. On the flipside, you may adore your location. It is very easy to grow attached to neighbors and your daily routine from where you live. If you love where you live but do not love the house anymore, a remodel might can help your house better meet your needs so you will love it as much as your neighbors.
4. Are you looking for a home that will allow you to age-in-place?
You may have lived in your home for 20-30 years but still love it. However, if all the bedrooms are upstairs, it may not be the place for you to grow old. Maybe you have a rarely used dining room or study that would make a great master suite. A remodel job may give you another 15-20 years in the home you love.
It is important to think about this decision from multiple directions. Think about the financial aspect. Will a remodel cost so much that you will never recover anywhere near what you put into it? Remodeling can also be stressful. Are you up for the stress? Do you have the savings or are you willing to take out a loan for the changes you want to make? Can you remodel everything you want to at once or will you need to do it in stages so you can still live there? There are so many things to consider.
Not all upgrades/renovations are created equal.
REMAX/Metro realtor Estelia Mesimer advises clients to carefully choose how to spend their money when making improvements, especially as they prepare their home for sale. Here are five common improvements that you may think add value but really do not.
While no one wants to see the absolute cheapest renovations in a home, the highest-quality upgrades often do not have the return of mid-range ones, unless you are in a very high-end home. Marble floors in the bathroom or custom cabinets in the kitchen might be nice, but do not assume buyers will pay proportionately for these luxuries.
Garage conversions can give homeowners much needed space, but buyers like having garages, too. So converting this space usually won’t increase value.
Built-in High-end Electronics
An in-house theater is perfect for any movie buff, but built-in or customized electronics that take up space in an otherwise usable room could be off-putting to potential buyers, according to www.BobVila.com. As with all home renovations, personalization can lead to a decrease in home value, and built-in technology that can quickly become outdated is no exception.
Too Much Carpeting
Most homebuyers (54%) are willing to pay more for a home with hardwood floors. Compared to hardwood and laminate floors, carpet can quickly show signs of damage. Plus, colors and textures are highly based on personal preference, and any overly personal touches can decrease a home’s value.
Wrong Landscaping Investment
Homeowners are prone to certain landscaping mistakes in the name of “curb appeal.” Costly landscaping decoration does not increase the value of your home, but rather increase the maintenance required for it. Best advice – keep your gardens beautiful but simple and easy to maintain and be sure any decorative additions can be easily removed.
Bottom Line: From a practical perspective, you should not expect to recover as much from improvements to a modestly priced home as you would for improvements to a high-end home. Spending $30,000 remodeling a kitchen with top-of-the-line appliances in a home that costs $150,000 won’t have nearly the return the same remodel would in a $500,000 home.
7 Home Renovations that Increase Resale Value – HomeAdvisor
How Much Does a Bathroom Renovation Increase Home Value?
Home Improvement: How to Avoid Getting Cheated, Scammed and Horsewhipped by the Modern Contractor, by Ann Contorno
St. Petersburg Communities
Greater Pinellas Point
Historic Old Northeast
Historic Roser Park
Isla del Sol
If you’re interested in any of these of communities or live in one and are thinking of selling, talk to The Mesimer Team.