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The Million Dollar Question…Remodel or Move?

The decision to remodel or move is a personal choice.

In order to make the best decision, you need to compare the cost of purchasing a replacement home with the cost and value of remodeling. When considering your options, be sure to factor in the total cost of selling your current home.  These costs include real estate commissions, points and loan fees, escrow costs, moving costs, and some improvements at the new home just to make it livable.

Now, consider the hard and soft costs associated with remodeling.  Hard costs consist of the actual construction costs incurred while soft costs consist of all of the other non-physical expenses involved in the completion of the project which include but are not limited to professional fees such as architectural and engineering fees, permitting, etc.

You’ll also need to consider the costs associated with financing your remodel and perhaps the payback on your project if resale value is a major factor in your decision to remodel.

After comparing the cost of purchasing a replacement home with the cost and value of remodeling you may find that improving the aesthetics and livability of your current home may prove to be more valuable…and more convenient.

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1 Comment for The Million Dollar Question…Remodel or Move?

  1. This is a great blog!

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