Should We Buy a New Home or Remodel Our Current Home?
Remodeling can be time consuming and often expensive. A bathroom remodel can easily get to $10,000 and basic kitchen remodels mostly go up from there.
Start with an appraisal of your home as is and compare it with recent home sales in your neighborhood. If you can do your remodel and increase your return on your investment…then a remodel is a good idea. However, if your house is already at the top of the market in your area, then investing in a remodel will not bring the return you want. Once you crunch the numbers, it could be wiser to sell your home as is and move.
If You Love Your Current Home…
Of course, it’s also important to consider your current quality of life which includes, neighbors, friends and schools. If you love your house and your current neighborhood, you might conclude that a resale isn’t everything. If there is a chance to recoup most of your investment when you sell, you may deside to spend the money for a new deck or kitchen as long as you understand that you are investing both in your house and your quality of life.