In this resales state market as a homeowner, you've probably debated wether or not you should sell your house and cash in on whatever equity might be there. Which sounds great! But with house prices being higher than ever before, it then begs the questions, where will I go? Having equity in your home is great, but it enough to be able to buy the new home you have or eye on? For many homeowners the answer is no. After closing costs, real estate commissions and fees, moving costs, and other expenses associated with selling your home, it may leave you with less than you were expecting for selling your home.
That's why here we have compiled a list of 5 Reasoms You Should Remodel Your Home Instead Of Moving.
Increase the Value of Your Home: Your home may have a fair bit of equity in it as it stands but does it have enough to allow for you to sell, buy the house you want, and maybe have a little left over? In this market, your house would likely sell like hot cakes as it sits. But then where will you go? Spending some to overhaul your home with a fresh remodel will guarantee you can increase the value of your home and be able to squeeze every last dollar out of it when you sell. Another thing is that when you move into a new home, it may not have all the features, bells, and whistles you want your home to have. But, when you remodel, it gives you the option to add all the bells and whistles you want without having to pay the developer or home builder a premium just to add them if you were to buy a new home. Having those new bells and whistles that you've always wanted will increase the value of your home and appeal to potential home buyers when it comes time to sell. Who knows, maybe after you remodel you might not even want to sell it anymore!
Customize the Way You Want Your Space to Be: As mentioned above, when you choose to remodel your home over selling, you can pick and choose the features you want and incorporate them in whichever way suit you best. Whereas when you buy a new home, typically the features come in a package deal. Almost as if it's an all or nothing type thing with each package they offer. You can also change layout of the areas you may want to change such as the layout of your kitchen cabinets to give you more storage and countertop space, or maybe the layout of your bathroom to be more functional for you. You can also customize your home by the fixture choices such as faucets, light fixtures, small appliances, etc. There are many ways you can transform your home in a remodel whereas you may be more limited with a new home by what the builder offers.
Avoid Moving Expenses: Moving can be expensive. The rental truck, movers, moving supplies, buying furniture for your new home to fill the new spaces, etc. all which can cost a good chunk of money. As mentioned at the beginning of the article, the biggest expense that any home seller can expect to pay is the closing cost and associated realtor fees. For example, the realtor fees alone are usually around 6% of the selling price of your home. So if you're home is $500,000 and you choose to sell, the realtor fees alone will be approximately $30,000. Not to mention inspection fees, any HOA fees, title fees, etc. This can potentially result in a hefty 10% of your selling price being allocated to these expenses alone leaving less in your pocket when moving. You may even find yourself wanting to remodel your new home after you buy it which could cost a good amount itself.
Keep Your Location: This one could be debatable depending on where you currently live. But I'll do my best to make a case for it anyway. Let's assume you live in an average neighborhood with low crime and decent schools. You already know the neighborhood you're in, your neighbors, and what you can expect in terms of noise, traffic, commute times to work from your home, etc. When you move, all of this becomes an unknown. You might discover that the new home makes your commute time 15 minutes longer each way, or maybe your new neighbors aren't the most pleasant, or that the parking on your new street is crowded and making the curb appeal of your new home go down. Moving to a new home may mean sacrificing certain things that may not seem worth the move.
You're Familiar With Your Home: This point is pretty self explanatory but it's worth mentioning. With your current home, you are familiar with and quirks, potential problems, or trouble spots that you can fix when you do your remodel. When buying a new home, there may be issued that aren't identifyright away that you will have to discover as you spend your time getting acclimated to the home. On the flip side, you also know all of the good things about your home and have memories created their. Sometimes it is really hard to move away from a home where you have had so many good experiences and for some, that's all it takes to stay in their home.
Remodeling is a great way to take the home you already have, with all of its potential, and turn it into something you will love forever. Remodels can do a lot of great things for your home like increase the value of your home, customize your space to how you want it, and give you a home worthy of showing off to family and friends. And while remodeling may not be an option for everyone, it is definitely worth considering with how expensive it can be to sell your home and relocate to a new one. All we can ask of anyone is to consider the option of remodeling before moving and the impact it may have on their finances and their stress.
If you are located in Northern Nevada, specifically, Reno, Sparks, Incline Village or the surrounding areas and you are ready to remodel your home into something amazing, our team of remodeling experts are here to take care of you and Bring Your Vision To Life. To learn more about our team and our process, visit our website by clicking here.