Why Remodel?

Let's say you got married, bought a house and started a family. Now, several years later, your children have grown and your family is now cramped in your once spacious home.

fireplace

Your first inclination may be to start looking for a bigger house. But, before you uproot the family and move them away from what they know and love, you might consider remodeling the home you live in now.

According to Harvard's Joint Center for Housing Studies, Americans spent $233 billion fixing up their homes in 2005, and that boom shows no signs of slowing.

Choosing whether to remodel is not simple. There are many factors to consider. So, where do you start?

Do The Math

There are cost advantages to staying put and renovating. When home prices are rising, you may be able to add on for less than it would cost you to buy a bigger house. You also kitchen avoid the costs associated with selling your home, buying a new one and moving, which can drain away 10 percent or more of the value of your home each time you move.

If you are torn between moving and remodeling, crunch some numbers. Find out what your home is worth. Check out the real estate market and find out what it will cost to buy a home with the amenities you want. Also, find out what it would cost to renovate your current home. Allow us to create an estimate based on your needs. Ask yourself: Will the expense of an addition keep us happy for a decade? Or is it a shorter-term solution for our needs?

What You Have vs. What You Want

Start thinking about the things you wish your current home included. Do you dream of a playroom for the kids or a yard with room for entertaining? Do you yearn for a second bathroom or a gourmet kitchen?

bedroom

Ask yourself: Can I change my existing property to accommodate those features? Can I add a room over the garage? Are there structural issues or zoning regulations that will have to be addressed in the event of renovation?

Then decide: If I make those changes, would my home fit my needs or would I be trading one problem for another? If adding a room improves your floor plan without eating up too much of your yard, then the project is worth the investment.

Page Last Modified:
October, 2013