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Remodelling Or Moving? - 10 Considerations
Put you mind at ease before you make a remodel or move decision, by making a full analysis beforehand. Have you considered all the factors involved? This article covers the 10 most common considerations to move versus remodelling your current home. How strongly do you feel about each point?
1. FAMILY CHANGES: The size and/or age of your family has changed. Of the many reasons to move, the ability of your current home to accommodate your family is the most common reason to consider remodelling or moving. Many young couples have purchased a cozy 2 or 3 bedroom, 1,000-square foot home that originally suited their situation perfectly. As the family grew, so the kids and toys took over other areas of the house, and the perfect home became too small.
2. SCHOOLING NEEDS: The schools are not adequately meeting the needs of your kids. Unless your children attend private school, where you live usually dictates which school your children attend. This is great for building a sense of community in the neighbourhood as children can walk or bike to school together. A school nearby can also cut down on travel time for dropping off and picking up your children.
3. THE COMMUTE: Your commute to and from work has become too long, either caused by a change of a job, or through the long-used route becoming congested. Most people place a limit on their commute, and a move may be the only answer to shorten it.
4. THE HASSLE OF REMODELLING: Although the house layout may lend itself to remodelling to suite the family needs, you may not like the remodeling process. Remodeling is not for everyone. No matter how it is accomplished, one thing is unavoidable: the inconvenience of remodelling can be as little as not using your kitchen for a day, or moving out of your home for six months while major work is done. For some, any inconvenience is too much, so a move may be less so.
5. NEIGHBOURHOOD CHANGES: Each neighborhood has its own characteristics, which change over time, and you may have come to dislike the new traits. As much as we all would like to change some features of our neighbourhood, many are out of our control. As a family grows so its needs change, and if the neighbourhood doesn't meet those needs, a move may be the only solution.
6. CURRENT FLOOR PLAN: While it has met the family needs for many years, your current home has a poor floor plan, which doesn't easily lend itself to remodelling. Or it may prove too costly to make the changes you want to be practical. Also, lot size, building codes, or physical barriers may not allow the changes you want. While building codes can limit the type and size of additions, they can also alter their appearance. Towns and cities are becoming more vigilent in ensuring by-laws and building codes are met, in which case a move may be more appealing than a remodel.
7. YARD SIZE: For many, yard size is an integral part of a home. A yard is land to call your own, and you can manicure as you wish. As your lifestyle changes, so the yard can also become too large and actually create more upkeep than you now need or want. There can be good reasons to move to a house with a smaller yard, as well as moving to one with a larger yard to handle the bigger family.
8. RE-MODELLING EXPENSE: Remodeling can be expensive. You should generate a disciplined budget for an intelligent remodel. However, in reality many a remodeling project has suffered from cost and time over-runs. Don't fall prey to that common mistake. To maximize the value of your home, remember that it is always wise to own one of the lesser valued homes on the street than vice versa. Always consider what the cost of remodelling will do to the resale value of your home. Generally speaking, it is dificult to retrieve 50% of the remodelling cost when selling your home.
9. FUTURE EXPANSION: On the other hand, should you own a home of higher value on the street than the majority, remodelling may not give you the biggest bang for your buck. Your home may already be the largest and nicest on the street. It's great if you like the neighbourhood and plan to stay in the home for years to come. However, the question of return on investment in the event of selling the home has to be considered. Is the effort and cost worth it?
10. RESALE VALUE: Always consider that next move, by considering what positive effect any remodelling work would have on the future value of a home. A move can happen anytime, more than likely in the next few years, and sometimes when you least expect it. The wrong time to remodel is obviously right before a move. Unless the house has some serious defects, putting your home up for sale within a year of going through the expense and inconvenience of remodeling is hardly worth it. Maximizing the market appeal of a home through a well planned remodelling project is an exception to this rule. The ultimate is to enjoy the results of your remodelling efforts.
Of the 10 points above, the RESALE VALUE of your home is probably the most important, since maximizing the value of your investment should be top-of-mind in considering any changes.
GENERAL COMMENT: Some people simply enjoy the challenge, the sense of accomplishment and the activity of a remodelling project. Are you one of those folk? IF SO, GO FOR IT AND ENJOY.
