BY CAROLINE ABKAR | Red Tree Realty | 11/29/2017
There is so much to consider when thinking about remodeling your home vs selling your current home and moving, and many homeowners in Bay Park and all over San Diego are asking themselves that very question. The idea of moving into a new, turnkey home might be very tempting but that’s not always the right move for everyone. You need to take a close look at your current home’s potential, its value in the current market, your specific situation, your finances, the cost of renovation, and what your motivations are.
On the other hand, how much of the criteria that you are looking for realistically can be achieved in your current home if you were to remodel it, within the timeline and budget constraints you are working with? I highly recommend comparing your envisioned remodeled home with the homes you can buy if you were to use the remodel budget and sales proceeds toward a new home. And, what about your ROI in all this? Do you have a short or long term mindset? Are you considering adding a buffer to your budget as most remodeling projects tend to uncover unexpected costs, or see changes underway?
There is no doubt that you will need to talk to a good lender to depict your financial picture and assist you in determining exactly what your budget should be for a remodel vs new home loan, based on the monthly payments you can absorb. Don’t forget that you may need to factor in rental costs during the time your home is being remodeled. You will also need some remodeling quotes including opinions from an architect who can help you envision the possibilities. I can help you determine your home’s current value and potential in its current location, since those numbers will be crucial to your thought process. I can also connect you to some great professionals our clients love working with.
Want to kick off a conversation so I can provide you with some valuable information? Please call/text/email me anytime at 619-808-4804 | email@example.com and I will be more than happy to help you.