A house is a place where a person grows up so. Naturally, they have a lot of attachment to the house. But, sometimes in life, some decisions are to be taken which are a must for the survival, and some of these decisions are related to the house in which a person dwells.
A person can continue living in the same house or can do a renovation or remodeling. Home reno is done by the experts, which change the overall look of the house especially if it’s very old. Given below are some of the opinions, as to whether should altogether move or remodel the house.
1. Home Is Where The Heart Is
This is a common phrase for anyone who considers their home, their heart. It is very difficult to leave the house especially if a lot of memories are attached to it. According to Fred-Wilson, who is a principal with Morgante-Wilson Architects in Evanston, Illinois, the relationship with the neighbors is also considered when trying to take a decision related to moving. He is also of the view that if there is too much attachment to the house, remodeling can be a better option.
The entire house can be renovated and improved for the betterment. If it has survived some generations, it can survive some more in the years to come.
2. Realistic Budget
It is important that a realistic budget is set or at least considered, for all the house related decisions.According to David Wirth, who is a financial adviser with Savant Capital Management in McLean, Virginia, it is important to consider the amount of time until when the home is going to be in the possession of the owner and the goals should be put into writing in order to get an idea about the associated financial risks. Budgeting is a vital consideration which is a must for the house renovation or remodeling.
According to Prashanth Pathy, who is an agent with Keller Williams Realty in Chicago, a lot of the homeowners have no idea about their wants, and they change their wishes down the line.
3. The Need For More Rooms & Space
According to Doug Perlson, who is CEO of RealDirect and New York city based founder, a lot of people base their decisions of moving by an increase in the number of rooms which can easily be avoided if the square footage has been added. A three bedroom house can be converted into a four bedroom with the help of appropriate layout and designs. However, he is also of the opinion that if there is no spot for increasing the number of rooms in the house, maybe it can be sold.
4. Reasons To Move
There are various reasons due to which a person can finally decide to leave a particular place once and for all, it could be the annoying neighbors or the increasing crime rate in the area or the schools are not that good. Under such circumstances, a person with left with the only choice, and that is to move.
5. Renovation Process
According to Pathy of Keller Williams, sometimes the renovation process can be time-consuming and energy consuming as well. People have no idea, how much time the entire process can take, and a lot of patience is required from the house owner. The kitchen remodeling can take up to 6 months, and the bathroom remodeling can take up to 3 months.
6. Upfront Costs
According to Brian Davis from Caliber West Reno, the return on investment has to be determined while before deciding for the house whether it is related to the selling of the house or the remodeling. According to him, a person should have an idea about the return of investment, which he is expecting in his mind. It is important that all the associated costs and expenses are being covered.
According to Davis, seven years can be taken to get the upfront cost back.
There is another risk while remodeling or renovating the house, that is, a person can over improve the house in comparison with other house on the blocks. For example, in a neighborhood which is full of old and broken houses, a house which is recently renovated with a lot of improvements is likely to give the impression of being over improved.
According to Kevin Lawton, a house which is in a neighborhood with not so good houses around is not likely to sell at the expected price. He is a real estate agent at Coldwell Banker Schiavone & Associates in Yardville, New Jersey. He is of the view that an extensive renovation to a house in such a neighborhood is not going to be much lucrative for the owner.
There had been one particular house in the listings of Lawton’s and that house was not preferred by the buyers despite the fact that the owners had lowered the price by $30,000. The buyers were rather interested in the small houses in the same area. So, such factors have to be taken into consideration.A house is a blessing, but it can also become a nightmare for a person provided that the circumstances become unfavorable, or there is a crash in the market. The overall price of the house has to be such that in the long run, it gives benefits to the owners. No matter how long a person lives at a certain place, someday they might sell it, and it would be dwelled by new members of the house who can remodel, renovate or can even give it on rent.
The decision about moving from a place is very difficult, and various factors are to be considered before making a final decision. Sometimes, moving is the best solution especially if the person craves for a change in life or the overall lifestyle and sometimes a person want to run away from the conditions and want to settle at a new place full of new memories and new people. So, a final decision is in the hand of the owner.