That is the question.
As families grow and the idea of what makes a perfect home changes, homeowners often run into the question of: “Should I remodel or add on to my home?” It’s a common question that does not always have an easy answer and ultimately it really comes down to lifestyle rather than financial return.
Additions are complicated; you need engineers, architects, designers and contractors. They take time and are messy, but you get exactly what you want. Resale on a home with additions and remodels only reflect a portion of the investment.
A homeowner has to consider the possibility of over investing in their property too. It is important to know the values of properties in your immediate market. If your home is already at the top of your market, but you still need a larger home or modifications, the better choice would be to sell and buy a home that can provide those features. An experienced, knowledgeable agent can give you a comprehensive market analysis that will provide some guidance for you.
If the decision you arrive at is to sell your home, we can give you valuable information about what needs to be done to prepare it to go on the market. In addition, we can advise what improvements should be done to give you the highest percentage of return.
We’ve found new homes for many clients that were on the fence about adding onto their home or buying a larger one. The majority have found that they benefit more by using the equity in the sale of their home towards the purchase of a different home that better suits for their needs - and eliminate construction headaches! They just had to pack and move.
So if you are on the fence about what to do, stay or move, it is important to see what is out there on the market first, have a comparative market analysis on your home, and talk to a mortgage broker. Our team, and our resources and experience can help with all of these things.
Contact Matthew at: or (818) 296-5205
Matthew Letcher, 05/05/2015. All rights reserved