Your kids have moved out and now you’re living in a big house with way more space than you need. You have two choices – remodel your existing home or move. Here are some things to consider about each option.
Choice No. 1: Remodel your existing home to better fit your current needs.
Remodeling gives you lots of options, but some choices may not increase the value of your home when you go to sell.
The return on your investment on remodeling is generally poor. You should remodel because it’s something that makes your home more appealing for you, not because you want to increase the value of your home. According to a recent study, on average you’ll recoup just 64 percent of a remodeling project’s investment when you go to sell.
Remodeling is stressful. Living in a construction zone is no fun, and an extensive remodel may mean that you have to move out of your home for a while. Staying on budget is also challenging. Remodels often end up taking much more time and much more money than homeowners expect.
Choice No. 2: Sell your existing home and buy your empty nest dream home.
You can downsize to a single-level residence and upsize your lifestyle. Many people planning for their later years prefer a home that is all on one level and has less square footage. But downsizing doesn’t mean scrimping. You may be able to funnel the proceeds of the sale of your existing home into a great view or high-end amenities.
A “lock-and-leave living ” style offers more freedom. As your time becomes more flexible, you may want to travel more. Or maybe you’d like to spend winters in a sunnier climate. You may want to trade your existing home for the security and low maintenance of single floor cottage living.
There has never been a better time to sell.Our area is one of the top in the country for sellers to get the greatest return on investment. Real estate is cyclical, so the current boom is bound to moderate at some point. If you’re thinking about selling, take advantage of this strong seller’s market and do it now.
If your current home no longer works for you, consider looking at homes that would meet your lifestyle needs before taking on the cost and hassle of remodeling. Get in touch with a Grow Local Realty Real Estate broker to discuss the best option for you.
Author:Gerry Martinez de Andino Phone: 919-355-8167 Dated: February 1st 2018 Views: 240 About Gerry: When you are looking to buy or sell property locally or from out of state, we provide local knowledg...
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