Remodeling and do-it-yourself projects have become quite popular. All you have to do is tune into HGTV or DYI on television to see that this is true. And one thing you walk away from after watching a few of these shows is that new homes rarely have all of the dream features that you can get if you remodel your home yourself. So is that the wise thing to do or should you sell the old home and buy a new one?
First of all, you may want to consider why you feel the need to remodel or buy a new home. Do you want the latest and great stainless steel kitchen with cherry cabinets that the neighbors just put in? Is your house in need of updating? Have the kids moved away and the house feels too big? Are the kids getting bigger and the house feels too small? Do you love the neighborhood and wouldn’t want to move to a new one?
If you choose to remodel, you need to consider how this will impact your day-to-day living with rooms torn up and construction workers coming and going. Do you have small kids or pets? How will this affect them? Is it cost-effective? Also, don’t forget to pad the budget because it always takes longer and costs more than you first expect.
What about moving to a new home? Doesn’t selling your home, moving, and buying a new home cost money too? The costs of selling your home, buying a new one and moving, can drain away 10% or more of the value of your home each time you move.
But a study printed in theWall Street Journal reported that the price of keeping a typical home up to current standards over a 30-year period is almost four times the home’s purchase price. In fact, if you’re not a committed do-it-yourselfer, you might be no better off than had you rented all those years. The cost of repair and renovation bills as you deal with failing household systems can easily overwhelm your profit.
Are there alternative to a fully remodeling your home or selling it and buying a new one? You may want to consider some of these solutions:
Declutter—It’s amazing how new a place can look if you get rid of the old and bring in the new or just get rid of the old.
Refurbish—You can update your kitchen and give it a fresh new look if you reface the cabinets, resurface the countertops and replace worn flooring. You’ll save a lot of money over ripping out the whole kitchen and you’ll still get the desired new, updated look.
Repurpose—Maybe the formal dining room you never use can be converted into a home office or maybe it’s time to put away the college kids’ things and use that room for a guest room, office, media or crafts/hobby room.
Sometimes a small change can make a big difference.