how to know when to renovate or just relocateAugust 7th, 2017 | by Elizabeth | Posted in remodeling | #relocate, #remodel, #renovations
y’all- first things first.
I wanted to let you know how much I appreciate all the feedback you’ve been giving on the blog lately…I’ve gotten so many messages and questions and comments- and it’s so very helpful to me! because at the end of the day, I want this blog to be about information you need and can use, and that is relevant in your home; and in your life.
I think I told y’all last week already, but I’m trying to keep in mind that just because I know about something, and because I may think it is irrelevant, or basic knowledge that would bore you- well that’s just not always the case. I should never assume that anything may be basic or too trivial to write about- because really? what may seem like the small details are typically the largest in any project.
so to that end, I want to address a question from one of my readers, Michelle, who writes:
“Another great post! Sometime in the future can you address when to know if you should “update or just move??” As in, we love our neighborhood, but don’t want renovations to price us out of the area in the event we do decide to downsize & move. Love your blogs, keep sharing!! Thanks!!”
Michelle, I so appreciate you asking this question and suggestion to write about it:)
about 75% of my business right now is renovations.
HGTV has fired y’all UP!
everyone wants to renovate and remodel right now.
but when you come down off your HGTV high, and you realize that, “whoa….we may have overspent on our home,” it’s a bit too late.
I *may* have mentioned once or twice here on the blog that I released my first book project last year… did I???
myself, along with fourteen other real estate staging professionals from across North America including Rebecca Silva Fort Myers Realtor, wrote and released a book entitled:
we each wrote on our area of expertise-
and guess what mine is y’all?
renovating to sell.
now, I realize that renovating TO sell is a bit different than Michelle’s question on how you know what to do: renovate OR sell. If in case you decide to relocate, Brantford realtors can help you choose the house that fits your needs.
Compsbut in each scenario I would use the same set of guiding principals to determine my answer, which can be boiled down to three specific factors.
this is pretty simple.
know what your house, and the area around it, is worth- and don’t spend above that. I would even suggest that you stay at least 10% under that number to account for market fluctuations. how long are you planning on living in the home? research shows that the larger the remodel or renovation, the longer it takes to recoup your investment.
look at the current remodeling statistics in your area to determine the best ROI, or return on investment, for your remodeling dollars. each year, Remodeling Magazine publishes cost-to-value percentages for remodeling on residential properties, and is an excellent resource to consult.
this goes hand-in-hand with comps, and most especially if you are considering taking out a home equity loan to fund the renovations. which I never recommend. but after the value and scope of the renovations are determined, set a budget- and STICK TO IT.
if you spend time researching these things first, it should become very clear to you the scope of work and financial amount you should invest in your home. For bonds and constructions needs, you can check out LLC bond.
in my book, I go into a great bit more detail on these factors and assess each of them. but since I’ve already written about it once- no need to reinvent the wheel, right?
that’s why, if you’d like, I will email you my chapter on renovations from the book! yep, that’s right!! if you are a blog subscriber, and leave your email address in the comments below, I will send you my chapter!
and for Michelle…..
and just for you Michelle, since you took the time to leave me such kind words and a great blog topic, I’m going to send you an autographed copy of my book!
see, ya never know what subscribing and commenting might get you around here!! so Michelle, email me your address and I’ll pop it in the mail to you tomorrow! or if you’re local, let me know and we’ll meet up at Starbucks or something and I’ll deliver it to you:)
now….leave me some more comments and tell me what YOU want to know about that I might be able to help you with! thank you again for reading, and be sure to share my blog with your friends- and be social and share on your social media outlets as well!