When Should You Move and When Should You Consider Remodeling?

Remodeling Redmond

When should you move into a new home, and when is it more cost effective to hire remodelers? When is hiring a remodeling Redmond expert the best return on the investment, and when should you contact a real estate agent?

You Need More Space

If you can renovate a space to add more living space to the home without depriving future home owners of a critical need, go ahead and renovate instead of moving. For example, if you live somewhere where refinished basements are common, it is worth the relatively minor cost of refinishing the basement to add bedrooms, bathrooms or general living areas. Note that specialized rooms add less value to your home, so a general purpose living room is better than a specialized home theater and bedrooms beat a specialized home office. If you want to turn a basement into a separate living area for relatives, whether a mother-in-law suite or apartment for children returning home, ensure that the work is done per code and with the right permits so you can legally rent it out before trying to sell the home as having a rentable apartment.
Distinguish between wanting more room and more “rooms”. A spacious three bedroom house could likely be converted to a four bedroom house. But if you need an extra five hundred square feet, you should move.
If you can’t afford to stay in the home without renting out the basement, you should move. If you are considering turning the garage into a living area, you’re subtracting from the appeal of the home to new buyers and should move instead. Pouring concrete to extend the house is an expensive proposition with a low return on investment, so if the only way you can add space is to add onto the house, you should consider moving.

You Want a Luxury Home

A general rule of thumb is that you should never increase the value of your home to more than 20% of the average value for the community. You can sell the cheapest house on the block in any neighborhood because of its price. You will always have trouble selling the most expensive house in the neighborhood, no matter the average price of the community. Also compare the kitchen, bathroom or master suite you want to the norms of the community. A $50,000 chef kitchen in a neighborhood full of $20,000 kitchens won’t return the money and may have no appeal to future buyers. Never add on the master suite or living areas by reducing the bedroom count, since this decreases the broad appeal of the home and its value. And avoid reducing the size of rooms that buyers believe should be among the largest in the house. For example, it is better to remodel the master bath by taking out the closet of a neighboring room than reducing the size of the master bedroom. And you would do better to remodel the master bedroom by removing a closet or rearranging the room than converting a bedroom into a sitting room at the expense of the bedroom count.

You Can’t Live in the Home as It Is

Sometimes you can no longer live in the home as it is. Aging in place has spurred many home remodeling projects. Whether widening doorways and hallways to remodeling bathrooms so that those with decreasing mobility can continue to live there, remodeling one’s home is typically a good return on investment over moving to assisted living. The caveat is the price tag. Adding an elevator so you can reach the second story hits the threshold where it is simpler and cheaper to move into a single story residence.
Updating the home to modern appliances and improving its energy efficiency is always worth the effort. Adding complex systems like solar panels, grey water recycling systems and fancy gardens will scare away many home buyers and should be undertaken with care.
Another reason for remodeling is because of water, fire or mold damage. When the renovation takes months because of the extent of the damage or delays getting a contractor, you’ll want to consider moving permanently. If the work can be done in a few weeks whether you’re in the home or not, you can consider staying there and having the home renovations done.