Remodel or Move Up?

George Jefferson

Flickr: Photo Property of Pete Prodoehl

Have you been debating if you’re going to move up to the “apartment in the sky George Jefferson” or are you going to make your home the place you always dreamed to live in?

Hard questions for many of us to answer. Do you go out and find the perfect home or do you create your “nest” to reflect your perfect world? Well, what I would suggest starting with making lists of the pros and cons of what’s the best route for your situation, now and in the future.

  • Do you love your current home and neighborhood?
  • Have you been looking for an opportunity to change school districts or move to another neighborhood? Maybe a cul-de-sac location is your dream situation, or perhaps more land to stretch on or maybe a lower-maintenance yard?
  • Will you be “over-building” for your neighborhood with a remodel?
  • Will you be selling in the near future due to needs of a downsize or more space? Important to ask if you’re trying to get return on your upgrade or remodel.
  • Draw up the costs of that pool you have been dreaming of, or that must-have upgrade you have always wanted (example kitchen, or master bedroom, etc). Get quotes for your upgrades. Concrete items for your budget.
  • Do you know the values of your neighborhood and current value of your home model (no, not your Zestimate)?
  • Your ‘target’ neighborhood – do you know what the going prices are going for, with what size of home you might need that will fit your budget?
  • Have you spoken to your lender or a listing agent to start putting some numbers and options to those “move-up” dreams? There’s no harm here, why not?

Life is not always perfect and not all of us have the means for change, or desire. Why not see what the options are for your improved life quality and daily life function in your home. In many cases, with this market, if you’re unhappy with the area you’re in, it might make sense to move-up into your “perfect home.”

For folks where expensive and costly remodels may NOT make sense and are NOT the solution. Example, a “move-up” buyer or maybe someone that might need to downsize in the near future. Get a second opinion on your choices for upgrades, particularly if you do have intention to sell soon. You might want to modify upgrades and remodels that are appealing to a larger group of folks, and perhaps not drain the life savings into a kitchen remodel if you might be moving (and hopefully find that perfect kitchen in another home).  Do your homework on your competition and be aware of pricing of that competition in the neighborhood and know how appraisals can affect buyers on your home.

Are you the Lexus amongst the lot of “Tow Maters?”

Are you at the top of the food chain with or without these upgrades already? When it comes to selling time, you might find yourself frustrated that you didn’t consult  an appraiser before making costly upgrades … and talk to a REALTOR, so you know what the values are in your neighborhood, tailored to your home.

One thing not addressed in the video by Steve O, are the folks that ARE perfect candidates for a remodel or home upgrade. Particularly if you love the area you are located. I know, some folks don’t mind the money invested if it means for their quality of life, enjoyment and for those that qualify for those comments – do it! If you’re blessed to live in your “FOREVER” home and do NOT want to move – and you are the perfect candidate for a remodel – what are you waiting for? Start requesting some quotes from a few licensed contractors and create the space you deserve.

This video was created by Ryan Lundquist – Lundquist Appraisal Company.  See a few of Ryan’s spectacular posts on “what NOT to do to your home” … 

We’re here for your needs and what’s right for you, BUT if you’re NOT in the place you want to be, and you do have the means to move-up - you SHOULD check out your options out there. Don’t let “what-ifs” keep you from research, and give us a call today – let us know if we can help you put your dream home on the radar.

“Should You Stay or Should You Go Now?” :-)

Coldwell Banker Sun Ridge Roseville

Steve Ostrom 916-308-2446

Coldwell Banker Sun Ridge • 4011 Woodcreek Oaks #110 Roseville 95747

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