Arlington Board of Realtors
What to do when your house no longer meets your needs
Our needs change as we go through various stages of our lives. This is true in so many respects, but in the real estate world, it’s especially accurate. When your home no longer ideally serves your lifestyle and you can’t stand it anymore, you’ll find yourself faced with a choice: pack up your life and move to a more suitable place or undergo a major remodel in your home.
If you honestly evaluate your situation and desires, the end result will be gratifying and you’ll be happier about coming home every day.
What do you need?
Everyone has different requirements and priorities for housing. The young couple expecting their first child is going to have substantially different needs than the family with three teenage boys, as will the father whose aging mother needs in-home care, the unmarried person, and the recent retirees.
When trying to decide if a remodel or moving is the better choice, make a list of things you need and want in a home and a list of things you like and dislike about your current home. Then compare the two lists.
On the renovation side, get a contractor or an architect to come out and take a look at your house. These folks will be able to tell you what is or is not possible and give you a ballpark estimate. Remember that there are things you can’t renovate, like neighborhood, lot size, quality of schools, and other environmental factors. Also bear in mind that costs frequently exceed estimates – make sure you’re ready to absorb some extra financial burden.
When considering moving, use the information from your lists and work with a Texas Realtor and use the Internet to find a few homes that meet your need, in an area that does the same. Get a ballpark price for a home so you’ll have a starting point.
You’re going to spend some money either way, so this is a financial decision, but ultimately, your choice should be based on the answer to the following question: Will your current home, when remodeled, make you happy and complement your lifestyle? After all, a house is an investment, but it’s a very personal investment – one that you come home to seven days a week.
Tear this down, put a wall there
After your evaluation, you may decide to undergo a major remodel that will bring your current home more in line with your needs. Inhabited remodels can be invasive and frustrating, and going through them may be a small form of torture, but in the end, they typically work out very well.
One piece of advice, as most contractors will even tell you, is to not out-build your neighborhood – you’re less likely to get your money back when you do sell. This is a common mistake that remodelers make – they forget that the neighborhood is part of the sales price, too. In other words, identical houses with identical $25,000 upgrades in different neighborhoods may yield a much different return on investment based solely on the area and quality and features of surrounding homes.
Even though you’ve decided that now isn’t the right time to move, you will probably eventually want to sell the house. You may want to get a Texas Realtor to help you evaluate your renovation options. Realtors know what improvements and additions can do for the value of a home, plus, we can pull comps and give insight into how your improvements will affect price per square foot and other valuable data.
Moving out
If your analysis indicates that it makes the most sense to pack up and move, congratulations and good luck. There are expenditures associated with moving and getting your home ready to sell, and preparing to move can be challenging and a bit inconvenient. Despite this, though, getting into a new house is very exciting – it’s a chance to start fresh and make new memories.
If you need to sell your current house, I encourage you to hire a Texas Realtor to list the property. A Realtor will relieve you of much of the hassles of marketing and listing your own home.
There are other reasons to hire high-quality, professional representation, as well. Research shows that homes listed with Realtors sell more quickly than FSBOs. Fewer days on market saves you from incurring additional monthly expenses for utilities and the mortgage payment, which means more money in your pocket.
Home sweet home
Remember also that when you’re looking for a home, your Texas Realtor will help you find a property that will meet your needs. Let her know your specifications, and she’ll find some appropriate places for you. She’ll also help you by guiding you through the transaction and negotiating on your behalf.
Change is the only constant
Our needs evolve as we go through different periods in our lives; some changes are good, others bad, some we can see coming, others are unanticipated. The fact remains, though, that change is inevitable and is a driving force in what we look for in one of our most basic necessities – housing.
For more real estate information I encourage you to visit ArlingtonRealtor.com.