Home remodeling options

With today's real estate market in the dog house and spooked credit markets, people thinking of home remodeling have tough decisions to make. We offer some things to consider to help you make some decisions. No One has a Crystal Ball No one knows the future of the economy and housing market. However, most of us know our likes and dislikes and our tolerance for risk. The housing market has always had its ups and downs and it's certain to continue. If you are thinking about home remodeling, you're probably thinking of many other alternatives as well. You can:
  • Stay put and remodel your existing home,
  • Purchase another house to get the features you want, or
  • Unless you’re very lucky, you might find you’re still going to have to remodel that home as well.
If you’re not enamored with remodeling, then your options are either to buy a brand new home or build a home yourself. Of course there’s the "do nothing" alternative, where you just stay put and take that "around the world vacation, you’ve always have dreamed about. Nothing wrong with that. Better apply for that US Passport now, because it's taking longer to get one. Factors to Consider There is no correct answer regarding whether or not to do a home remodeling project. Your ultimate decision is going to be based on your age, future earning power, age of any children, how well you like your existing neighborhood, what you can afford, and how long you’re going to be living in your home. In the next couple of planning articles, we'll help you ask the right questions as we cover the subjects below. Get a note book and begin to write down your answers (that means both of you including your kids). Do this before talking to a Realtor, Architect, Design Build Company or a General Contract about a project.
  1. Does the neighborhood still meet my needs?
  2. How long will I stay in the house?
  3. What are remodeling projects return the most value?
  4. How much should I put into the project?
  5. What are the total costs?
  6. Will I really get what I want by remodeling?
If your house is small and very old, you may want to consider tearing it down and sarting from scratch. This makes sense when the existing houses systems are well beyond their life expectancy and the house that you want is much larger.