Be honest with yourself, do you love your house? Consider the reasons why you love your house and, if that is impossible, then maybe a change is needed. If you don’t like your house, list the reasons why. Are the reasons you don’t like your house able to be corrected or does it have to do with location, size or inability to change due to dysfunction? There are a few benefits to staying and remodeling or renovating. When it comes to home improvement, there are two kinds of people: The “Do-it-yourselfers” or the “Outsourcers”. If a homeowner takes on either hiring someone or want to do the work themselves, consider the following:
Do it Yourselfers vs. Outsourcers
- Remember to keep it in the budget. If you can’t afford it, don’t do it.
- Do It Yourselfers save money/ time and do projects with less disruption to the family environment and they work on the projects when they find it convenient. However, not having the knowledge, skill, ability or time will create a very unwanted, & sometimes expensive, result. Really, consider what it’d take for a contractor to do the work & realistically evaluate if you’re better off just paying a little more with a lot more result.
- Make improvements that add value for the future by focusing on kitchen, bathrooms, landscaping or a new deck. However, if you have a “sore thumb” item like outdatedness or worn/damaged areas that require repair, focus your efforts on improving those areas. The cost of labor and materials may present a challenge to the homeowner’s budget.
- If you are considering a contractor, make sure that you research their history & reputation in the community. They should be licensed/bonded & insured and know the local building codes. It’s best to see examples of some of their work & have them provide you references from past clients.
- There may be some tax benefits for homeowners who make improvements on their house. Do your homework and if you have questions on how considering tax benefits may save you money, consult your tax advisor.
A Real Estate Perspective
- Location of Property: Will the improvements outvalue the property as compared to the other houses in the area? Contact your Local Realtor to identify current market value of your house.
- Affordability of Project vs. Value of the house: Find value in the design and how it fits your needs and desires; know the return on your investment. There may be a few benefits to selling and finding another house that has everything, or close to everything on your checklist. If you do find an almost perfect house you will need to consider whether to make modifications to meet your needs once you move into the house and calculate the additional expense into your budget.
In summary, homeowners have a lot to consider when it comes to deciding to sell their house or make the modifications that offer them an advantage for the future. If you are considering either, I recommend that you contact a local Realtor to provide you with a Comparative Market Analysis (CMA) to compare what your house is worth in the current market. Most local Realtors will offer this as a no obligation free service.
Neil Gush, MSM
Realtor, Elite Real Estate
Office: 701.838.4040 or Cell: 701.340.1734