Last week’s Rasmussen Reports survey reported that
the majority (52%) of Americans consider their home to be a family’s best
investment at the same time that the number of people who are choosing to
remodel their home is on the rise. According to the Houzz & Home survey,
the number of people who planned improvement projects rose a dynamic 12 % last
year. Of those, 40% wanted to remodel their home or build an addition.
While
remodeling may be becoming more popular, there are still plenty of advantages
to the alternative route: purchasing a new home in Charleston, SC. Here are
some of the pros and cons of each route:
·
Before you start your remodeling project you should
take a personal inventory. Do you have the experience and skills to manage the project…and is the prospect
appealing? Remodeling your home will require that you deal directly either with
tradesmen, contractors, architects— or the whole bunch! It may be the greatest
advantage to purchasing a new Charleston home: getting the additional space and
amenities without the work.
·
The loss
of privacy during a remodeling
project is not something to be underestimated. Depending upon the scope of the
project, it may be months before the dust settles and you have the house to
yourself again. There is also the inconvenience of not having access to multiple
areas of your home while work is proceeding
·
For most of us, there really is no place like home. If you’re like
me, even when you’ve been on a terrific vacation, eventually you begin to yearn
for the comfort and familiarity of your good old home base. Although one or two
irksome features of your current house make moving seem like a no-brainer…before
you commit to a move, be sure that you really want to leave. History, a sense
of community, and the roots you’ve established in your current neighborhood are
all reasons to opt for a remodel rather than a new home.
·
Selling your existing home and buying a new Charleston area home is a sizable financial commitment.
Moving costs, transaction fees, commissions and taxes are part of the equation
to weigh against remodeling costs. A sharp pencil is definitely in order before
the dollars and cents can be realistically reckoned—particularly if your
finances have improved, and the remodel is meant to bring your home up to an improved
standard of living.
The danger lies in overcapitalizing a property in a
location where the resale won’t support the expense. Even a great home will
still fetch a price that’s relative to other properties in the neighborhood,
obliterating the wished-for ‘investment’ value of extensive remodeling.
While it’s
important to be informed about the factual tradeoffs of your decision, it’s
likely the end choice will also be influenced by what just feels right—as it should be. Whether you’re considering a remodel
or a purchase, if you’d like to run some numbers, call me today for a confidential
price evaluation!
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
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