Remodeling or expanding your current home offers a viable alternative to selling and buying new - especially if you are particularly fond of your neighborhood.
Remodeling can be a real hassle, but sometimes it's the right choice. Consider these factors before deciding to take the plunge.
Do you like your current neighborhood?
If you're happy with your neighborhood but are moving because you need more space or want a more luxurious home, you may be able to satisfy your needs with a renovation or addition.
Is your lot large enough?
Before you can even consider a remodel you need to make sure that your lot is large enough and that the zoning allows the type of project you are considering.
Is your home suitable?
Not all homes are ideal for remodeling. While you may be able to force a renovation on an unsuitable property, the results are liable to be disappointing and the costs high.
Do you want the headaches?
Home improvements can be difficult and time-consuming. It's important to determine if you are truly willing to put up with all the hassles involved - not the least of which is the disruption to your life during the work period.
Consider the financing.
Improvement financing is different from mortgage loans used for purchasing a home. If you have sufficient equity in your house you can probably work with a home equity loan. If not, you'll need to get a construction loan that is based upon the value of the property after the project is complete - a more expensive and complicated type of financing.
Do you have a contractor?
Finding a good contractor is not always easy. If you have someone you've used before - or someone recommended by a trusted source - getting your project started will probably be lot easier.
How long will it take?
Some projects can take a considerable amount of time - even more than selling and buying a new home. Don't forget to consider the time spent working on a design, picking out materials, and hiring contractors.
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Architects and designers are often very talented professionals - but only you know what you want and need. If you really want things to turn out well you'll need to take a very active role. Look at homes, read magazines...whatever it takes to decide what you want.