Profile picture for LucasForzley

Who can give me advice on whether i should remodel or sell my house?

I need unbiased advice to help me decide, based on many factors (credit score, equity, current home value, current housing market etc) whether I should sell or remodel. And also who to talk to about designing the remodel if that is the route we choose to take. Thanks
  • August 15 2013 - Overlook
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Answers (12)

Profile picture for John Reeves1
Hi,
Feel free to get in touch with me anytime.  I may be able to help you
J. Reeves
CEO and Founder
Reef Point Realty & Construction
  • September 17 2013
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I would look at the top end comps using Zillow's search tool or asking a Realtor that has sold homes in your neighborhood for a CMA.  Then talk to a few contractors and find how much it will cost to get your house to the shape and finish you want.  If you are still under the market with the cost or the Zestimate I would make the improvements.  Like Stephen says you can easily make money in this neighborhood, but some improvements your lucky to break even.
  • September 16 2013
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Would recommend setting an appointment with a good agent to visit the home and advise you on how to best spend your money to get the most out of it, or if you're better of listing it now. Can't help a lot without seeing the home. In some homes remodeling can double your money - in others you are lucky to get your money back out of it.
  • August 16 2013
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Profile picture for Michael Mei
Ask yourself...what is the motivation to buy.  Interest rates are naturally going up from this point...so you'll loose buying power if you are trying to trade up.  My advice is that if you are fine with the sqft and don't need more in the future...then keep where you are.  i.e. you don't want to pay for sqft you are not using.  When you remodel...keep in mind that you do not recoup 100% dollars when you sell. You'll recoup like 30%.  Remodeling only makes your home more attractive when compared to another like property.
  • August 16 2013
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The decision to buy new or remodel depends on a number of factors, some financial and some not and ultimately, only you can decide what answer makes the most sense for you. Use the internet as it is a great tool to help you. If you ask contractors for a quote they a biased because they want your business and if you ask a Realtor well they see potential for making money...
  • August 16 2013
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You should sell.

Lucas, you sound like someone who is wary of undertaking a time-consuming process of self-educating yourself on all of the issues and decisions that go into remodeling a home: selecting an architect, costing out options, evaluating contractors, living in the dust or moving out - when you could just put a sign up in your yard and move the heck on!

For people who want to remodel, it's easy. They know what they want, they talk to an architect, they find out they can afford a fraction of what they want!, and life is good.

If you decide that you want to go the hard route, then choose your architect and contractors carefully. Communication is essential! If you ever feel that you're not on the same page with either of them, it will wind up costing you money and very hurt feelings!

All the best,
  • August 16 2013
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Profile picture for SoCal Engr
Since two REAs have now made the same mistake...

Please read the OP's post. All three (3) sentences. Maybe even re-read the title of the post?

The OP is trying to decide between the two options. "Remodel to sell" is not part of the equation.
  • August 16 2013
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Remodeling to sell will usually require different design elements in order to be able to sell it, i.e. neutral colors, stainless steel appliances, kitchen upgrades (granite countertops, etc). If you are redesigning to stay you may be more inclined to forgo certain elements which can wait  (upgrading dishwasher or fridge) as well is incorporate more personalized colors, textures, etc.  It will be really helpful to develop a comprehensive list (as much as possible) of all the upgrades necessary to try to get a sense of how much it will cost. You may not want to spend $50-60k to renovate and additional closing costs (often 10k and up), etc on a new home.
  • August 16 2013
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Profile picture for SoCal Engr
"Remodel" -v- "Sell" is a personal decision, and may not have anything to do with value.

The "soft" factors...
-- Do you like your current neighborhood? Is it somewhere you'd like to stay?
-- Is there anything about your current lot that would be a "can't live without" for a future house?
-- What do you not like about your current house? Is it "easily" fixed?

The "hard" factors...
-- How much to morph your current house?
-- How much to move/buy?
-- If you morph your current house, will it be over-improved and cost-prohibitive to sell if you decide to later on?

Can't help too much with who to talk to about remodel/morph. I can say that my personal experience is that I was surprised (not in a good way) at the cost of remodel. I ended up selling and relocating. Then again, many of the "soft factors" were also not pointing towards "remodel". The cost simply was the final nail.
  • August 16 2013
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In my experience, remodeling just to sell a home can be a disaster. If you decide to remodel to stay in the house, you tend to do a much nicer job and spend more money making it nice. I have seen were a home seller remodeled to sell and it looked worse after the remodel because they didn't want to spend the money to do it right. There are a lot of things you can do to spruce things up with out spending a fortune. Generally speaking, I do not believe you get any more money in your pocket when remodeling to sell. Call two REALTORS in your area and have them come to your home and advise you on the pros and cons. That is our job and most are more then happy to also give advise on what is important when selling your home. Maybe give you tips on what remodels get the biggest return when selling your home! Good luck! If I was from the area, I would stop by and help you but I am in Florida!
  • August 16 2013
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Profile picture for LucasForzley
Overlook neighborhood in north portland oregon 97217
  • August 15 2013
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Where is your home located? You can email me at <Removed by Zillow Moderator. Please see Good Neighbor Policy.> 
  • August 15 2013
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