All indications are that 2017 will be another year of increasing real estate values in the Charlotte market. We will see many of our clients look at how this will impact their current home’s equity, and assuming out-of-town relocation isn’t an issue, how to best leverage that equity increase if their current home isn’t meeting their needs and wants. While those needs are unique to each client, I remind them that if they like their schools, their neighborhood, and their yard, those things can’t be taken with them if they decide to move. Here are two big questions that need to be answered before you decide:
What will be our real cost of moving?
There are obvious things like mover fees, real estate expenses, or temporary housing and storage fees if you sell your home before you find another one. But also consider the costs to make repairs or improvements that need to be done before the house can go on the market. These added expenses can be as simple as minor repairs or painting or as major as replacing HVAC or roofing. Contrary to what you see on TV, most home shoppers aren’t looking for a ‘fixer-upper.’ Understanding what you’ll be spending just to put your house up for sale is a critical factor in your decision to move or stay.
Can our home be remodeled to meet our current and long-term needs?
My advice here is first to make a list of all of the things that you would like to improve about your current home. It may be simple things like updating the backsplash tile in your kitchen or as complex as needing a larger master suite or a more expansive open kitchen and living area. Once you have your list completed, prioritize it. There are going to be items that need to come first, for example, updated electrical systems or structural repairs, followed by the not-so-necessary wants like a shower with heated benches or a kitchen with a builtin espresso maker. With your prioritized list in hand, begin talking with an experienced remodeler to get a sense of whether or not your list is feasible and prudent. You might be surprised to learn that some things may not be as difficult to remodel as you thought, or you may be advised that what you want isn’t going to work with your current home. Either way, a true professional will be frank and not simply tell you what they think you want to hear.
In summary, there is no ‘one size fits all’ answer to the question of “should we move or remodel.” Determine your cost to move, prioritize your wants and needs, then rely on Charlotte’s deep network of residential professionals to help you decide what is right for you and your unique circumstances.
Brad Little is the President of Case Design/ Remodeling of Charlotte and part of a leadership team made up of seasoned remodeling and design professionals with over 220 years of combined experience. Contact them to discover how they can help you with your home remodeling or repair needs. For more information, visit www.casecharlotte.com or call 704-759-3920.