You may want to join the millions of Americans who are turning to professional contractors instead of realtors. Remodeling can be a valid idea to consider. Just for the sake of consideration, let’s look at remodeling instead of moving:
According to the National Association of the Remodeling Industry, home remodeling may be preferable to moving. Remodeling can be less expensive — the process of selling a home and moving can cost up to 10 percent of the value of your current home. Remodeling also enables your family to stay in a familiar neighborhood and school district. And though it can be stressful, remodeling is much easier than moving a household.
In addition, remodeling allows you to customize improvements based on your individual needs and lifestyle. There are many reasons people choose to remodel. You may wish to add more space, upgrade cabinets and counter tops, or improve energy efficiency with new windows, doors and climate control systems.
Remodeling can also increase the value of a home. However, a home’s value may not increase as much as you might have expected. In some cases, you may not even recover the costs of the renovation.
The Remodeler’s Council, a part of the National Home Builders’ Association, suggests remodeling projects that bring the value of your home up to the value of your neighbors’ homes. A good rule of thumb is to keep the total of the value of your home before remodeling and the value of the remodeling projects to within 10 to 15 percent above median sales prices for a home in your neighborhood. Avoid projects that make your home the most expensive in your neighborhood or different from the other homes, such as a large outdoor swimming pool.
Experts agree that kitchen and bath remodeling projects are the most likely to allow you to recoup their investments, possibly because homebuyers expect to spend a great deal of time in these areas of the house.
If increasing your home’s value is a key priority, keep in mind that your keenest competition at resale will be new homes. So get a sense of what these buyers want by looking at the features and amenities found in new homes, such as great rooms and high ceilings.