Move or Improve?
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Having trouble squeezing your growing family into your home? Has
the baby’s playpen become a permanent fixture in the dining room? Or
maybe an in-law has moved in and your kids are grudgingly sharing a
bedroom. If you’re thinking about buying a bigger house but you really
love your current neighborhood and feel at home in spite of the tight
quarters, remodeling might just be the solution to your space problems.
The decision to move or improve is an emotional, as well as
financial, one. A change in residence, schools or churches can cause
stress, according to the “Life Change Scale” developed by
psychologists. Consider the costs associated with moving. If you sell
your house you’ll have to pay a percentage to a broker, and you’ll
also have to pay a percentage of your new home’s price in closing
costs. With what you’ll pay in moving costs you might be able to turn
your current home into your dream home—for less money. The remodeling market is enjoying a surge in activity--last year remodeling expenditures in the U.S. added up to about $214 billion. Many families just want to stay put—they’re comfortable in their current neighborhood and feel a connection to the people and places around them. A new survey conducted by International Communications Research revealed that less than ten percent of existing homeowners plan to buy a new home this year. Nearly one-in-three of those surveyed say that home prices make it too expensive to move.
Vast improvements can be made to an older home to increase its
livability. Rooms like kitchens and baths can be updated. New rooms can
be added to increase living space. Homes built back in the 1960s and 70s
are noticeably smaller than those built now. People remodel for many
reasons; yet most homeowners cite needing more space or wanting to add
amenities as the top reasons. Remodeling allows homeowners to tailor
their homes to meet their current needs and desires.
Both moving and remodeling are an upheaval. Location, current
family circumstances and finances are influential factors in either
moving or remodeling. Before making the decision whether to move or
improve, carefully examine your needs: |
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Improving Your Home
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Is your home conveniently
located near your job and other important activities?
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Neighbors can be
wonderful, lifelong friends. Are you happy in your neighborhood?
Consider schools, church and friends.
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Is the value of other
homes in your neighborhood rising?
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Does your home offer most
of what you want in a house? Could a few changes make a world of
difference? What are your needs and can they be met with some
improvements to your existing home?
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Do local building codes
allow you to build an addition either out or up?
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Is the kitchen or bath
one of the first places you want to make changes?
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Is lack of space a major
complaint about your current home?
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How much would
improvements cost? · What’s the possible return on investment for improvements? Of course, improvements may increase the value of your home for buyers in the future. But don’t just consider the monetary return. Will improvements increase the quality of time you spend at home? · What would your monthly housing costs be after improvements?
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| Moving to a New Home
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Compare the location of
your present home with areas you’re considering.
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Try to imagine your
present home after it’s been remodeled. How does it compare with a new
home?
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Determine the value of
amenities such as landscaping or window coverings that you’ll have to
replace if you move.
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Determine the cost of new
furniture or appliances for a new home.
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What is the cost of
selling your present home?
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Have long have other
houses in your neighborhood stayed on the market?
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Would you have to sell
your current home before closing on another one?
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What might settlement
costs be for a new home? · What would your monthly housing costs be after moving to a new home?
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Sometimes moving to a new home in a new neighborhood is the best.
Issues of location or neighborhood amenities can’t be addressed by
simply remodeling an existing home. In many cases though, homeowners may
decide their existing home offers most of what they want. Expert
remodeling work, done by a professional remodeler, can add comfort,
space, and ultimately enhance the financial value of a home. The NAHB Remodelors™ Council is a division of the National Association of Home Builders that represents and serves the remodeling interests of NAHB’s 205,000 members. The Council provides information, education and professional certification to improve the business expertise of members involved in remodeling and to raise the professional image of remodelers. For information on remodeling and the NAHB Remodelors™ Council, go to www.nahb.org and click on “Especially for Consumers”, or call (800) 368-5242, ext. 8216.
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