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Do Some Remodeling…Or Move?

By: Allison Millar, Contributing Writer
In: Necessary home improvements
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With some houses, you have to know when to hold them…and when to fold them. Forgive the Kenny Rogers pun…but it’s true for home improvement. Is it worth taking the plunge or should you plan to sell instead? Here’s how to decide:

  • How much remodeling is enough? Remodeling to add a sunroom or large front porch can drastically improve your quality of life, but how much can you handle? (Allsunrooms.com can provide tips.) Consider your lifestyle, budget, and ability carefully. Also, consider your contractor options. Do you have someone you trust? Are you comfortable asking contractors for estimates and comparing the proposals?
  • Consider the location and structure. They say location is everything. Here’s more from Bankrate.com on the importance of picking a house in the right location. Do you like your school district or would you rather move to a different one? Do you want a neighborhood with a shorter commute?
  • Think about your remodeling budget. Yes, everyone has a budget, whether it’s $5,000 or $75,000. If you’re current house needs $75,000 in remodeling and repairs, do you have the funds to take care of it?
  • Determine your resale value. Talk with a few real estate agents about whether remodeling the kitchen will pay off in your local market. (Also consider this Wall Street Journal advice.) Will it help you boost the sales price beyond what the remodeling costs or will you break even? Do you need to do some remodeling just to make it marketable for sale?

Before deciding to move, think about the costs and disruption. Will you be getting enough “value” from your new location to offset the costs? In many cases, it’s a gut reaction. You might love your neighborhood or the coveted new location. Review all the options, but then go with your instincts. Should I stay or should I go?

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