To Move or to Remodel?

To Move or to Remodel?

 

 

All of us experience life changes such as marriage, divorce, children arriving and leaving, aging, and the addition of an aging parent.  These developments impact housing requirements, but our homes can't necessarily change as we do.

Following this process can assist you when deciding whether to move or to remodel:

• Make a list of the features you must have in a home to fit changing conditions.  These are needs, not wants.  Can't climb the stairs any more because of a physical condition?  Need more space because of the addition of a family member?  While space can be added in many situations, square footage can rarely be eliminated.  Two-story homes cannot be remodeled into one-story homes.
• Make a similar list of  elements in your current home you like and dislike.  Love your neighbors and your neighborhood?  Hate the cramped utility room?  Does your lot require too much maintenance?  Love your kitchen?
• Compare the lists.  Is it even possible to remodel to accommodate your life changes?  Do you want to endure the renovation process?  Will you be able to live in your home while the process takes place, or will you seek temporary housing?
• If renovation presents a possibility, contact a contractor for an estimate of the price and time involved.  Please note that "price creep" happens in about 99.99% of remodels.  As the project proceeds, additional possibilities unfold or unforeseen problems develop.  Plan for at least a 10% increase in the cost of the project and for a delay of at least two weeks in completion.
•  After you have an estimate from a contractor, call the Grove Team and ask for an evaluation of your project and whether it will add to your home's value.  Beware of over-improving for the neighborhood or of creating a home that is too specific and too personalized for resale.

After you have evaluated the feasibility of remodeling, consider the costs of moving:

•  Go online to groveteam.com or realtor.com to search for available properties that meet your specifications.  (Avoid Zillow.  Information provided by Zillow is often obsolete.)
• Because of the low inventory of homes, you may have difficulty locating a property online.  If so, call the Grove Team to initiate a search that sends updates to you from the database realtors use to locate properties (the MLS).  The MLS populates all other real estate websites.  Your search from the Grove Team will give you the most timely updates.
• Look at the properties for sale and see if they are in the locations you desire for the price you wish to pay.  New construction may be an option.  Members of the Grove Team have access to sales information from builders to advise you on new subdivisions.
• Ask for a market analysis from the Grove Team to determine the value of your home in today's market.  We can also estimate how much you will pay to sell your home and the amount of your net profit.  Grove Team members can also counsel on the timing of your sale and purchase so that the move is as straightforward as possible.

Once you have analyzed the costs and rewards of remodeling and of moving, you should have a clear picture of your options.  Grove Team members can assist you every step of the way by locating contractors and movers, advising on which changes will result in the maximum return on investment, and offering the best ways to prepare your home for sale.

Whether it's selling your home or finding a new one, we have designed this site so that you can quickly and easily locate the information you are looking for. The Grove Team's client-centered approach results in the best possible outcome for you. Please contact us now to begin the process of achieving your dreams in home ownership.

Office (817) 337-0000

info@groveteam.com

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