Should you update your home or just move? A majority of Americans agree that selling/buying a home is one of the most stressful life events. With interest rate hovering around 7%, that makes your 3% mortgage interest rate look like gold – and it is. Those in the know advise that we probably won’t see rates that low again in our lifetime. Of course, there are a number of pressing needs that make it necessary to move. Things like a growing family and the need for more space, a new job opportunity, better schools for you children, etc. necessitate change. Before you put your home on the market there are other options to consider, so let’s have a look.
RENOVATE
Renovating your home generally means making significant changes to the existing structure. The configuration of the home remains the same. A renovation includes repairs and updates to an area of the home without changing its purpose. This can include things like updating the design, replacing outdated features, upgrading existing electrical an plumbing and improving the overall functionality of the home. The cost of a home renovation varies greatly depending on the projects you want done. Some estimates come in at around $22,000 for an average renovation of a home. Before you make any decisions, walk through your house and make a list of all things you want to address. Next, list them from the most important to least important in case you have to remove some items. Finally, decide what your all-out budget is (but be sure you calculate about 10% for unexpected items that may come up).
REMODEL
Remodeling usually entails making structural changes to your home, therefore it is more expensive than a renovation. Remodeling may require you and your family to move out of your home for a period of time while work is being done. The more square footage involved in your remodel, the higher the cost. Estimates range from $10 – $60 a square foot. The upside is that you don’t have to remodel the entire house. You may just opt for remodeling your kitchen or your bathrooms to reconfigure the space and add updated features like tiling, new sinks, new flooring and added storage. This will change the whole feel and function of your house.
COSMETIC RENOVATION
A cosmetic renovation is a very light touch and is typically the most affordable option. This is a good choice if moving may be in your future, just not at this moment. Cosmetic renovation includes less intrusive changes than a remodel or a renovation and can easily be adjusted to fit your budget and your needs. The first transformation is repainting the interior and/or exterior of your home to give it a fresh, new updated look. Once that is completed, think about changing out cabinet and door hardware, lighting fixtures and adding curb appeal to the exterior of your home. There is minimal change and upset to your life during this process. Next, the no-cost update…give thought to how you want to rearrange your furniture and other items in each room. You may want to retire some objects, get some out of storage or change objects from room to room for a fresh new look. Voilà, great new look for less.
MOVING
Even after you consider all the options you may decide moving is the only way to go to meet your families needs. Whether you want to avoid the stress of renovation, need to be closer to work or school or just need room for spreading out, make sure your home is in move-in condition. It is a lot easier to change flooring and repaint before all of your furniture and belongings are in your new home than after!
BOTTOM LINE
If you decide not to move, than budget and need will be your biggest considerations. Regardless of your decision in how you will make improvements, your final choice you definitely add value to your home. ColaTown Painting can help you with any painting projects. Whether it is a smaller project of one or two rooms, a medium project that includes more rooms or a full-scale brick house painting, we’ve got the experience and expertise to tackle it. We take pride in providing our clients with high-quality, dependable workmanship regardless of the size of the project.
Call Britt 803-603-6486 or e-mail us at ellisb@colatownpainting.com for a free, no-obligation estimate.
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