Ready to Trade-In Your Home? Perhaps You Should Remodel Instead!
Moving:
A good local real estate agent should be able to assist you with estimates on these numbers.
How much will it cost to purchase a home that will meet your needs?
How much could you sell your existing home for? Don’t forget to subtract the agent’s commission from this total.
What will it cost to move? According to real estate consultant and best-selling author of Remodel or Move, Dan Fritschen, a typical move costs 10% of the value of your home.
How much will your property taxes increase as a result of the move?
Remodeling:
What projects do you want to have done and how much will they cost? An architect or general contractor will be able to assist you with these figures.
How much will the improvements add to the value of your home, also known as the “payback”? A local real estate agent can assist with this as well.
If the decision about whether to renovate or move were purely a financial one, then it would be quite easy to look at the numbers and come to the right conclusion. However, there are also emotional factors...
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