Wake Up partners with Angie's List to inform homeowners wondering if they should remodel their existing home or sell and move to a new place. Angie's list Tips:
Consider this:
• When deciding if you should remodel or move, take into considerations all costs of both scenarios. Not just the physical costs of the remodel or moving, but also the emotional costs.
• Ask yourself if you are happy with your location? Like the neighborhood? Space?
• Angie’s List consulted with industry experts who say as a general rule: the cost of your home renovations should not exceed 30 percent of the property’s value. For example, if you have a $300,000 house, your max renovation amount would be $90,000.
But there are instances when you shouldn’t remodel:
• If you already own the largest and nicest home in the neighborhood, then there really is no investment value in remodeling since your home is not likely to appreciate even more.
• But, if you have two full baths and others in your neighborhood have three or four, then it’s a good investment to add a bath.
• Also, you should only consider a major remodeling job if you intend to stay in the home at least five to 10 years – there is no financial benefit in the short-term for a larger project.
