Last week’s Rasmussen Reports survey reported that the majority (52%) of Americans consider their home to be a family’s best investment at the same time that the number of people who are choosing to remodel their home is on the rise. According to the Houzz & Home survey, the number of people who planned improvement projects rose a dynamic 12 % in 2013. Of those, 40% wanted to remodel their home or build an addition.

While remodeling may be becoming more popular, there are still plenty of advantages to the alternative route: purchasing a new home in Kirkland. Here are some of the pros and cons of each route:

  • Before you start your remodeling project you should take a personal inventory. Do you have the experience and skills to manage the project…and is the prospect appealing? Remodeling your home will require that you deal directly either with tradesmen, contractors, architects— or the whole bunch! It may be the greatest advantage to purchasing a new Kirkland home: getting the additional space and amenities without the work.
  • The loss of privacy during a remodeling project is not something to be underestimated. Depending upon the scope of the project, it may be months before the dust settles and you have the house to yourself again. There is also the inconvenience of not having access to multiple areas of your home while work is proceeding
  • For most of us, there really is no place like home. If you’re like me, even when you’ve been on a terrific vacation, eventually you begin to yearn for the comfort and familiarity of your good old home base. Although one or two irksome features of your current house make moving seem like a no-brainer…before you commit to a move, be sure that you really want to leave. History, a sense of community, and the roots you’ve established in your current neighborhood are all reasons to opt for a remodel rather than a new home.
  • Selling your existing home and buying a new Kirkland home is a sizable financial commitment. Moving costs, transaction fees, commissions and taxes are part of the equation to weigh against remodeling costs. A sharp pencil is definitely in order before the dollars and cents can be realistically reckoned—particularly if your finances have improved, and the remodel is meant to bring your home up to an improved standard of living.

The danger lies in overcapitalizing a property in a location where the resale won’t support the expense. Even a great home will still fetch a price that’s relative to other properties in the neighborhood, obliterating the wished-for ‘investment’ value of extensive remodeling.

While it’s important to be informed about the factual tradeoffs of your decision, it’s likely the end choice will also be influenced by what just feels right—as it should be. Whether you’re considering a remodel or a purchase, if you’d like to run some numbers, call me today for a confidential price evaluation!

 

About the Author

Marv Nicholson is a Puget Sound Region Native and a second generation Real Estate Expert providing years of direct-to-consumer advice. If you are in need of answers regarding your specific real estate needs, whether buying or selling, call Marv today at 206-227-6278.

About the author

Marv Nicholson

Marv Nicholson

Managing Broker

Serving the Real Estate Community in the Pacific Northwest since 2004. Formulating an experience that ultimately concludes in selling your home for top dollar in the least amount of time is my goal.

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2 responses to “Remodel or New Home? The Pros and Cons are Significant Tradeoffs for Remodeling vs. Moving to a New Home. Remodel Costs Compete with New Home Expense.

  1. My brother suggested I may like this blog. He was once totally right. This submit truly made my day. You can not consider simply how so much time I had spent for this information! Thank you!

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