We all love our home when we first buy it and move in, but things change. Either your life circumstances shift, such as having a larger (or smaller) family or the economy intervenes – good or bad. Sometimes the home that seemed so ideal ten years ago just doesn’t appeal to your tastes anymore. When your house isn’t bringing you the joy that it once did, it’s time to make some tough decisions. Should you sell or renovate to try to re-create the home of your dreams? Here are some things to consider as you weigh your choices.
Making the choice to sell or renovate may not be as difficult as you think.
Do the Math – or Not
Actually, the math only matters to some people. To others, it’s all about the sentiment. If you are a number-cruncher, figure out how much the renovations that you desire are going to cost. Some renovations give a healthier return on their investment than others according to a study by Remodeling Magazine. If you plan on staying in your home for a long time after the renovations, you’ll get more use and return from them. Some people simply don’t care about the return factor at all and make improvements to their home solely on the basis of comfort and convenience.
Renovations that Matter
We’re going to bring up math again here for a minute. It’s been determined that the most homeowners today want an energy-efficient home above all else. Consumers are switching to energy star appliances, upgrading insulation in their homes, taking on energy efficient windows installation projects, and even opting for solar roofing systems. These types of renovations in a home not only provide returns, but they also save money on electric bills. Better yet, there are incentives and financing available for energy-efficient improvements to homes.
Energy efficient windows installation adds value and saves money.
A Popular Compromise
Renovating homes has become very trendy thanks to a popular television network that makes everything look easy. While it’s not always as simple as it appears on television, the options for buying and renovating or combining your investments can be. Some people choose to take on renovations to their existing home before selling. Others sell their home “as is” and purchase a new home with potential and make major renovations, such as window replacement and insulation upgrades, to that one. In fact, there are financing options that allow you to do just these sorts of things. One example is the FHA 203k loan. This mortgage product allows lenders to combine an existing mortgage with the cost of upgrades into one new loan.
It’s a common decision for homeowners to end up at a crossroads with their current home. While both moving and staying in place can have financial and emotional consequences, the final choice usually comes down to personal preference above all else. If you would like to discuss your home remodeling options or to receive a free estimate, contact us today online or call 1-800-975-6666.