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Should you remodel existin home or buy a new home?

Owe 125000 - value of existing home is 167000 - good neighborhood and great location now
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September 03 2013 - Pittsburgh
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 You have the most important ingredient of a good house-location. To that you have a good neighbourhood as a bonus. This is what is reflected by the value of your house. The reason for shifting is better amenities, better neighborhood, chances of appreciation etc. Unless you can top up what is being offered by your current property, it makes no sense to shift. I would recommend renovation.
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November 24 2013
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November 22 2013
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November 22 2013
I believe no one can answer that question but you.  You have great equity. On a business level you have 40,000 to play with in equity.  Can you remodel for that amount and have what you want?  Should you sell and buy for the same amount and have equal to or greater then with the new home that you purchase.   I don't know your market but I think you should have  plans for a remodel and get some bids.  I also think you should go look at homes and see what is out there for the same money you would use to remodel. 

Best of luck and you are in a great position either way. 
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November 22 2013
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November 22 2013
That depends on how much the remodel is for, what you plan on remodeling in your existing home, what kind of home you are moving to (bigger home, down sizing, etc...) Give me a call and we can discuss some options.
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November 20 2013
It would help to know what neighborhood you are in.  Is the value of the home as it sits today or after its been remodeled?  How did you come to that valuation?

You should definitely speak with a Realtor to get an estimate of value from someone who is unbiased.  Depending on many factors it could make more sense to sell or remodel.  A Realtor can help you consider those factors.
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September 03 2013
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Generally the only reasons to consider moving are:
1) Job or school in a different location
2) out-grew house, and insufficient room on lot to expand (or Zoning doesn't allow the expansion needed, or the floor plan with the possible expansions would be awkward)
3) "social reasons" for wanting a different neighborhood
4) needing to be closer to extended family for "family" reasons.
5) Absolutely don't like the construction style of the present house.
6) House burned down and it would take too long to fix, thus have to relocate regardless, at least for the interim.
7) House and lot are way too big for present needs and present maintenance capabilities.
8) Climate zone is causing health issues.

Otherwise, it is typically cheaper and more practical to change the things you want or need different.
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September 03 2013
That gives you 40K to renovate and be at the current home value in Pittsburg.
Remodel and renovate (to me ) are two different things.
Remodel is sort of like upgrading...taking something existing and making it better.
Renovating is tearing out...taking something out and replacing it.

A lot of people are painting cabinets these days and upgrading hardware and replacing old countertops along with a new sink and faucet.
At 1/3 the cost of replacement.
Thing with painting is you can make things match easier, say for instance anything that would date the kitchen such as a scalloped valance can easily then be changed to a straight valance ...and so forth.

Bathrooms can be updated by changing out the vanity area and installing new flooring and comfort height commodes.
Changing a surround on a tub can increase value.

I think if you do some research do what you can yourself, hire out what you can't you could do a lot with the 40K.
Maybe gain a little bit in the end.

A new home would give you new everything , but just because it's new...doesn't mean it's better.
-Joseph-
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September 03 2013
If you love your current neighborhood and like the home you currently live in, remodeling may be the way to go for you. If you listed your home at $167k you would have to assume approximately $11,690 in closing costs and Realtor commissions. As the value of your home has gone up, so has the value of other existing homes, so it would probably cost you more to purchase a new home in the same neighborhood. I encourage you to write-down the upgrades you are desiring (i.e. new kitchen, baths, hardwood floors, etc) and then compare how much a remodel would cost you to make those improvements in your current home vs. selling and buying a new home that already has those improvements. Ultimately it all depends on what you are looking for and how much time and money you have to invest. Living in a good neighborhood and great location would probably trump a different home in a different neighborhood for me personally. Perhaps spend an afternoon with a good Realtor looking at other homes in your area and then make an educated decision that best meets your family's need. Hope this helped! 
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September 03 2013
That is a tough question, may be best to consult a local Realtor. They can help you with this decision. He/She can advise you as to your return on investment on current home with improvements and without. Also asisit with what is currently on the market in your price range that maybe move in ready with the type of upgrades your looking for already done.
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September 03 2013
Molly

Did  you read this before you started posting out here?

http://www.zillow.com/howto/GoodNeighborPolicy.htm
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September 03 2013
It really depends on what is best for you.  Are you someone who can easily remodel or renovate a home, or does it make more sense to buy a home that already meets your wants in a new home.  You will want to think about which is the better scenario for both your timeframe and your budget.  It'd be great to get together or via phone to chat more about this because there are so many things you will want to consider and that will influence the best decision for you!

Please visit my recently updated webpage!
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Call, text, or email me! 
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Thanks!
Molly
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September 03 2013
It really depends on what you are looking to accomplish.  Remodel and stay or remodel and sell?  If you are looking to upgrade your home you may wish to spruce up the existing one without going over board - sell and find something else.
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September 03 2013
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That is a very tough general question.  

It depends on the types and extent of remodeling required.     Selling and buying and moving alone add a lot of costs of the process.

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September 03 2013
 
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