An excerpt from an article by Lorraine Hart, President of Ideal Consulting Services, appearing in Remodeling Today:
The economic conditions of the past few years have thrown a monkey-wrench into plans and dreams for so many homeowners. Unfortunately many of us have had to adjust our goals and re-plan our futures.
With the real estate market in an unknown state, people are really nervous about selling their houses to buy newer, bigger homes. Many of us are making do with what they have and are “waiting out” the economy. However, many more of us are doing remodeling projects to upgrade our current homes until things get better.
If you have not already done so, it may be time to re-focus and possibly re-plan. Fortunately, there are options that may actually be better than our original plans.
For those who need more space and thought the answer was to sell and buy a larger home, perhaps the solution to the space crunch is an addition or extension. This solution also works well for accommodating merging families. Just as there are many considerations in the decision to relocate or remodel, there are many factors to consider in choosing to remodel your home in order to accommodate grown children or aging parents.
Perhaps the biggest issue in opting for extended family living is that of privacy.
Perhaps you want to downsize or prepare for a scaled back lifestyle or retirement of sorts. … If you are retiring and want to remain in your house, be sure to look into the many remodeling options for “aging in place.”
As you contemplate the advantages and disadvantages of moving vs. remodeling, there are definite location factors to consider.
Assuming you decide to remodel instead of moving, keep in mind that a well-done renovation will add value to your home, so when the time does come to sell, your home will be worth significantly more.
If a careful analysis of your living situation indicates that it is time to sell, I urge you to find a home stager to assist in the process.
Whether you choose to remodel or to relocate it is vitally important that you choose to work with professionals who will help you optimize your future living arrangements.
Remodeling Today is published by 4th Dimension Media for the National Association for the Remodeling Industry (NARI) a Not-For-Profit Association.