Your home is a major asset. It’s a safe haven for your family and friends. It’s the memories of raising a family; special occasions; and celebrating birthdays, anniversaries and graduations.
So, why remodel?
Every home, sooner or later, needs to be updated. If only to remove the years of wear patterns. Older home designs often do not meet the current needs of a growing or maturing family.
Many homeowners look to achieve the more current styling and designs by updating their home’s exterior, especially the “curb appeal,” and stylizing or modernizing a kitchen or bathroom which are recognized as two very important areas for marketability.
Perhaps your home sustained some storm damage, or has just become “tired.” It is no secret that maintaining your home – physically and aesthetically – will add value and higher market value. It also has been shown to renew the emotions once experienced with your new home. It feels like a new home again.
Trying to decide whether to remodel or purchase a new home?
Keep in mind that selling a home with considerably less market value due to age, style and maintenance, and buying a newer home could require a significant cash requirement for purchase. The equity in your existing home will probably be a much higher percentage to value.
Real estate taxation is also currently far more beneficial in your existing home. In a Homestead status, the annual increase of taxation permitted by law is capped, regardless of current market value. On a new purchase, the taxation is applied at the then-market-value of the home being purchased.
Also, consider the comfort and security of your existing home, friends and neighbors. Relinquishing existing relationships in your previous community and creating new ones can be a burden. Remodeling involves minimal lifestyle change. Keeping your neighborhood, friends, location and overall familiarity make many families just not want to move.
Over the years, as families change, your needs will change. These needs could necessitate a new bathroom, a re-configuration of living space, adding new space, creating storage space or a larger garage, or creating more private personal space for young adults and for older parents, etc.
Safety concerns come into play for some, as many want to update their home using today’s more technologically-advanced products, impact-resistant windows, or a home generator. The possibilities are endless.