Is It Time to Remodel or Relocate?
Judie Docs, Executive Officer – CSP, MCSP, CGP, CMP, MIRM
North Coast Building Industry Association (NCBIA) ncbia.com
There is always something on a homeowner’s 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.
- What’s my budget? Crunch some numbers to determine what you’re financially ready to spend. Remodeling can be an excellent investment and save you the hassle of moving. But it requires a great deal of patience and flexibility. On the other hand, buying a home can be instantly gratifying, but the actual costs of buying (and selling) – such as commissions, closing costs and moving fees – need to be part of the equation, as that is money you won’t get back.
- Is the layout of your current home conducive to a remodel? Do you like your kitchen, but a load-bearing wall prevents you from making it your dream space? Or your perfect bathroom would be attainable except for space constraints? A professional remodeler can provide you with creative solutions to your layout needs. Conversely, a remodeler can help you determine if a dramatic remodel is attainable. Another consideration is zoning laws. If you’re planning a large project, a professional remodeler can tell you if any zoning restrictions would affect the remodeling project you envision.
- 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.
- 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 multigenerational home.
- 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 NCBIA. We are your local not-for-profit trade association representing member companies involved in all aspects of home building, remodeling, and other aspects of services available to help you in the future as well as more information on the above topic. So, you can see it is for your protection that you use a NCBIA member. If you are unsure that your contractor is a member of the NCBIA or you are looking for a list of NCBIA members, you can visit our website at www.ncbia.com – go to Members and then Member Search, or call 440-934-1090. We also have a job posting board (under the industry tab).
Visit our 24/7 Virtual Parade of Homes!!! Allows you to look at some of our builders’ new homes and communities on your mobile device or computer at your leisure (including our remodelers) We know time is our greatest asset and via our NCBIA Virtual Parade of Homes, we save you time looking for a new home or a community that fits your lifestyle. The Virtual Parade of Homes is open online 24/7. Many of the homes featured in our Virtual Parade host regular open house hours for those consumers who are looking to tour the actual homes. You can click through to builder websites to see what they have to offer.
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