Stay or Sell? Love it or List it? Relocate or Remodel?
These taglines, among others, are hot topics in many circles due to trendy HGTV shows depicting real struggles for homeowners contemplating whether to sell and move on from the place they currently call home, or stay and transform the home that has suddenly began to lose its appeal.
What makes the most sense? I have had countless people over the last year ask me what I recommend. Should they stay or should they sell?? So, sharing my thoughts on this dilemma is the perfect way to welcome you to "All Things" Home.
Let me preface by saying, rarely is there a right or wrong answer to this question. Most of the time a homeowner could go either way and both would turn out great!
In the big picture, I would venture to say there are certain instances where one option seems to make more sense. For example, if your particular neighborhood does not support a remodel at the magnitude you are seeking, then it might be worth selling and putting that money towards a larger home and/or a neighborhood that can support a remodel. On the other hand, if your neighborhood supports a large remodel budget and you could get the home you have been dreaming of by remodeling your current house, then most of the time I believe remodel is the way to go. Of course, many other factors come into play when making this decision. Here are a few of the advantages and disadvantages I could think of...
Advantages to Selling- a fresh start, possibility of a better neighborhood, lot, and/or schools, floor plan change, downsizing potential
Disadvantages to Selling- high transaction costs and logistical hassles, loss of comfort and familiarity
Advantages to Remodeling- typically more cost effective when compared to what you would spend if moving, complete customization, familiar living conditions as well as continued stability in regards to school, neighbors, location, etc..
Disadvantages to Remodeling- sometimes impractical considering what you want within the scope of what the home offers, can be difficult to finance, and living in construction can be quite the headache
Typically my final recommendation to homeowners consists of the following...
If you LOVE your neighborhood and/or lot, then stay! A great design and remodel can make you feel like you have purchased a new home! In this scenario, if you put more into the remodel then you will be able to get back then consider it an investment into your happiness! You can't put a price on everything!
On the contrary, if you STRONGLY DISLIKE your neighborhood, location, or lot, do not spend a bunch of money on a remodel. As much as AMIAN Homes can make you feel like you have a new home by changing the footprint of your home, we cannot move your house onto a new lot or into a new neighborhood.
I have met homeowners that remodeled their entire home and then decided they still couldn't accept their neighborhood after all. They lost a significant amount of money when they sold, because they spent more than the neighborhood could support.
Because of this common dilemma of whether to stay or sell, we spend a fair amount of time with our clients that are currently undecided on whether to remodel or relocate, discussing all options so that we can all move forward with the best decision.
Whether it be AMIAN Homes or any other home professional, I cannot encourage you enough to get professional advice before you move forward with your decision.
Finally, ask yourself these questions as you contemplate which way you are leaning...
Do I like my neighborhood? Do I like my lot? Do I like my neighbors? How do I feel when I think about people being in my home for 8-16 weeks? Do I like change? Does moving into a new home excite me? Does it bother me to spend more money on a remodel than my home is worth? Am I emotionally attached to my home?
There are SO many more questions I could list, but this is a great start for you to start contemplating whether you can Love It or need to List It.
I am happy to come consult with you regarding your options, if and when you are ready.
See you Next Time on "All Things" Home....
All the Best,
Amy Leigh Prosser