Owning a home is the American dream. The ability to move up—either by renovating and expanding your home, or buying or building a new one—is another part of the homeownership dream. If your home is no longer meeting your needs, wants, and expectations, you may be wondering, “should I stay or should I go?” Here are some important considerations when making this decision.
Do you love your neighborhood? Do your kids go to a good school with great friends? Do you have a nice, short commute to work? These important, yet intangible things need to be carefully considered when thinking about buying or building another home. The logistical challenges and unknowns associated with moving rank it number three in the top life stressors, following the death of a loved one and divorce. If moving will cause too much of a disruption in your family’s life, you might want to think about remodeling your home to meet your needs.
2. Return on Investment
Obviously, no home renovation or improvement will yield a 100% return on investment. That’s why it’s important to discuss the anticipated ROI of any remodeling project with your contractor. For example, according to Remodeling Magazine’s 2020 Cost vs. Value Report, you can expect to recoup nearly 88% of your investment in a minor kitchen model (with a spend of roughly $24,000). Other remodeling projects—such as the addition of a high-end, 30-by-20 foot master bedroom suite—will provide a return of roughly 52%.
Do you love your home and hope to live in it as long as you can? As certified aging in place specialists, the Cormack Construction team can help you design a space that will comfortably accommodate your needs through your retirement years and beyond. Contact us to learn more about the many benefits of aging in place.
If you live in an older home, chances are, you’re accustomed to the kind of detail and characteristics rarely found in today’s homes, such as crown molding, pocket doors, built-in storage, and arched entrance ways. If you’re quite attached to this type of detail (and lack the budget for a custom-built home with detailed woodwork and trim), you might be better off remodeling your home to make it better suit your needs.
Homes over 75 years old should be carefully looked at before starting any remodeling. Hire a professional to thoroughly inspect the overall structure of your home, and its plumbing, water, and electrical systems. If they are in poor condition, it might be more cost-effective to sell your home and either build or buy another one.
If you have an historic home or live in an historic district, there may be restrictions on what kind of renovations you can make to your home. Be sure to check with your local or state historic preservation offices before starting any renovations.
It’s important to take a hard look at the numbers when deciding between remodeling or purchasing another home. “Anytime you renovate, you have to prepare for the unexpected—from unseen mold and rot, to electrical problems, to structural issues,” explains Robin Russell, Project Manager at Cormack Construction. Likewise, if you sell your home in a seller’s market, you may get more for your home than you originally expected, but you may have a hard time finding the kind of home you need at a price you can afford.
Remodeling and Custom Home-Building Services in NH’s Lakes Region, White Mountains, and Western ME
Cormack Construction has over 40 years’ experience building and remodeling homes. If you’re trying to decide if you should remodel your home or purchase a new one, we can help walk you through the decision-making process. Contact us today at 603.367.8272 for a free consultation.