The New Real Estate Debate – How it affects YOU!

The New Real Estate Debate – How it affects YOU!

June 12, 2018

We are all pretty familiar with the standard real estate dilemma; should I buy or should I rent?  Which is better for me financially in the long term?  (Hint: hands down in the Rent vs Buy debate, equity building trumps rent payments almost every time!)

In the current real estate market though, what with the tight inventory levels and fierce competition for each house that is available on the market, many are finding themselves looking squarely into the face of a new debate that has emerged:

Should I move or should I remodel?

If money is no object that makes the decision pretty easy – or does it?  Beyond the concept of DIY (Do It Yourself) or hire a contractor there are other questions that must be answered:

  • Do you have the ability to expand if more square footage is the need?
  • Are you already in the neighborhood you love?
  • Will remodeling price you right out of the neighborhood?

These three questions are by no means an exhaustive list, but they are three main points to contemplate along with the other really big one referenced above:

WHO WILL DO THE REMODEL?

Are you handy?  Are the updates needed within the scope of your ability?  If so, the savings in remodeling may outweigh all other considerations!  On the other hand, if the difference between a claw hammer and a phillips head leave you scratching yours, hire a great contractor and focus instead on avoiding a few really big mistakes that can lead to big headaches.

  1. Have a clearly thought through plan. The cost of changes after a remodel has begun can add up to large dollar amounts very quickly.  Know what you absolutely need, what you really want, convey that clearly to the contractor and then try to get out of the way!

If you’ve ever tried functioning within a construction site you already know how impossible it is!  If leaving the home during the duration of the project isn’t possible, add these ideas to the To Do list:

  1. Even if the kitchen isn’t on the menu, preparing a simple menu in advance of the remodel, designed to last for the entirety of the project will help tremendously. This is a great time to try out all those one dish casserole recipes you’ve been hoarding!  (ps – if you can afford it, eat out as much as you want and enjoy the freedom from clean up duty!)
  2. Since you will still want to have down time, TV viewing time or family and friends gathering times, plan it out in advance. Set up an entertainment central with comfortable seating in a part of the home not effected by the remodel.
  3. SET UP PLASTIC BARRIERS! You don’t want to eat and sleep dust from construction, so do yourself a huge favor right at the first.  Set up or have the contractor erect a plastic barrier between your eat and sleep spots and the work areas.

Remember, this is your home and it should reflect your taste and style.  Unless you LOVE them, steer clear of real trendy colors and finishes.  What’s “in” this season can Justas quickly be “out” in a month or two!  Look through magazines and even binge watch some of those home remodels shows we all love for ideas; then rework those ideas to fit you, your family and your lifestyle for years of continued enjoyment in your “new” home! Alternatively, hire an interior decorator who can actually save you money and help you achieve just the right look for your taste and lifestyle!

Remodeling too much to take on and you’d really like to move to a new home?  I CAN HELP WITH THAT!

 

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