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PrintSpecial Report: Remodel or Move?
Looking to trade up for that bigger home you've always dreamed of - but worried about the strain on your wallet? Well, moving might not be your best or only option.
Richard Goulet, The Appraisers Group
"People decide, 'Honey, why don't we trade up?' They go out and look in the marketplace, do their homework and they quickly realize that to get what they want, they're going to have to spend a lot more than they thought."
Selling your home can be very costly, You'll have realtor’s fees, mortgage fees and moving costs - let alone huge amounts of time finding that perfect new home.
Leaving many people like Rosemarie O'Brien of South Boston choosing to remodel instead.
Rosemarie O'Brien, Remodeling home
"I like very much where I live. I like space near the water and I wouldn't be able to afford anything comparable."
The main advantage of remodeling is that you can get some of your money back when you finally sell your home - but if you do choose to make renovations - be careful.
Richard Goulet, The Appraisers Group
"It's very important that you sit down...and push the numbers around. What is it going to cost you to remodel? How much do you have to spend and how long is it going to take?
So which projects offer more bang for your buck? A recent study finds that kitchen changes are your best bet - on average recouping 93 percent of their investment.
Other projects to consider:
- Replacing your vinyl siding
- Renovating a bathroom
- Building an outdoor deck
So where do you go for help?
Experts say you should talk to an appraiser or your financial advisor -- but if you're looking for a quick and free option - test out an online calculator - like the one at www.remodelormove.com which can help you estimate what your costs will be like.
Rosemarie O'Brien has this simple advice:
Rosemarie O'Brien, Remodeling home
"If you're in harmony with your space, stay in it. And find a good contractor, because almost anything is possible."
For additional advice to better help you decide whether to move or stay: