Is It Time to Remodel or Relocate? Part 2

There is always something on a homeowners to-do list, from changing air filters to finally repairing that leaky faucet. You may tackle a big project on your to-do list, such as a kitchen renovation or upgrading aging appliances. Modernizing your home can come with a hefty price tag. Depending on the scope of your project, it might be time to move on to a house that better suits your needs. To help you evaluate if you should invest in a home project or start saving for a new house, start by asking yourself the following questions:
1. What’s my budget?
2. Is the layout of your current home conducive to a remodel? 
3. What is the current value of your home compared to similar homes in your neighborhood?

If your home is already the most expensive in the area, you might see a small return on your investment if you remodel. But if comparable home values are more significant than your home’s, you’re much more likely to see a strong return by making improvements.

4. How might your needs change in the next 3, 5 or 10 years? 
How might your needs change in the next three, five or 10 years? A growing family, kids going off to college, an aging family member moving in – all are factors that can significantly impact your future requirements for a home. According to the National Association of Home Builders, more than a third (39%) of buyers prefer a multi-generational home. 

5. How do you feel about your current location?
Even if you change everything about your home, there are many things outside of your home that you have no control over. Have you resumed a lengthy commute to work, or taken up a hobby or activity farther away from your home? Other lifestyle factors to consider are the school district, parks and shopping centers, and the overall look and feel of the community.

To connect with a professional remodeler to help determine what updates are feasible for your home, contact the Central Washington Home Builders Association, and keep reading the Exchange each week!