Weighing the Options of Remodeling Your Existing Home or Selling
Do you feel like you’re outgrowing your current home and should consider remodeling or selling? If so, the general contractors at Prince & Sons, in Durham, have put together a guide to help you make this difficult decision.
Should I Remodel my Home or Sell?
Demand for homes exceeds market
The real estate market in Durham, Raleigh and the surrounding area is very active. In fact, a recent news story from WRAL points out that in many Triangle markets, the demand is exceeding the available inventory. This means that if you’re trying to sell your home, you’ll likely have no problem, but if you’re looking to purchase a new home, you’ll likely run into issues that could include bidding wars, as well as paying more than a home’s appraised value by lenders.
Do you love your neighborhood and location?
If you’re living in an older home, you likely have a large lot with a well-built home that is convenient to all the places and things that you enjoy. If so, it may be hard to find a similar situation in a newly developed neighborhood. Too often, new homes are more cookie cutter style, with very small lots.
Beware of pricing yourself out of your neighborhood market
One thing to keep in mind when performing home renovations is the cost. An important number to know before remodeling is the maximum value that your home would appraise for if you decide to sell. Be aware that overbuilding could mean that you will not see a return on your investment. Talking with a realtor as well as a licensed general contractor can help to ensure that you don’t overspend.
The math may not matter to you
Whether you’re looking to purchase a new home, or renovate your existing home, either option is likely to be expensive. The important question to ask yourself is whether or not you’re so in love with your current home that you’re willing to put in the time, money and effort into a home renovation.
Enjoy your home for a change
As general contractors, too often we see that homeowners only perform home remodeling jobs when they’re getting ready to sell their house. Why not undergo a home remodel that you and your family can enjoy for years to come, as opposed to letting the people who purchase your home enjoy all of your hard work.
Think about buying a fixer-upper and renovating?
If you’re set on purchasing a new home, consider the possibility of buying a fixer-upper and hiring a general contractor to renovate it for you. This way, you can purchase a home for a lower price and in the end have the exact home that you want. Be aware though, especially in the Triangle market, that these types of real estate deals go fast — often in a matter of hours or days.
Interested in a General Contractor’s Opinion About Renovating or Selling?
If you’re still unsure about whether to renovate or purchase a new home, give the residential construction professionals at Prince & Sons a call today. We’ll be glad to talk through your current situation to determine whether you would be better off renovating your existing home or purchasing a new one for you and your family to enjoy.
We can be reached by phone at 919-383-0888 or through our online contact form. We look forward to hearing from you soon.