To Sell or Remodel? 10 Things to Consider

Deciding whether to sell your home and move or remodel your current space is a question that many homeowners grapple with at some point. Both options come with their own set of considerations, and the decision isn’t always straightforward. Here are some of the key factors we recommend giving a ponder:

1. Know Your Worth

The first step in your decision-making process is to determine the current value of your home and the potential return on investment (ROI) from a remodel. A reputable real estate agent or appraiser can provide an accurate assessment. Compare this value to the cost of a desired remodel to see if it aligns with your financial goals.

2. Eye on the Prize

Consider your long-term goals. Are you content with your mountain home, or do you hear the siren’s song of the beach calling? Your future plans, such as expanding your family or downsizing, play a crucial role in this decision. Ensure that your housing choice aligns with your life stage and aspirations.

3. Aging Gracefully

If you plan to stay in your home as you age, consider remodeling to create a more accessible and comfortable living space. Aging-in-place modifications – think wider doorways, step-free entrances, and improved lighting – can enhance the safety and functionality of your home.

4. Moving Costs

Don’t underestimate the expenses associated with moving. These include real-estate agent commissions, closing costs, and the cost of packing and transporting your life. Moving can quickly add up, making it essential to weigh this against the potential cost of a remodel.

5. Cost of Renovations

Then again, we’d be remiss to not advise you to get detailed estimates for the renovations you have in mind. Factor in not just the cost of materials and labor but also any potential hidden costs that might arise during the remodeling process (although if you work with a reputable company like B2 Builders, there shouldn’t be many of those!). Make sure your budget aligns with your desired outcome.

6. Yes, We Have to Talk About Mortgage Rates

As of the most recent data, the national average interest rate on a mortgage is 7.8%. Consider your current mortgage rate and how it compares to this average. If you have a favorable rate, this might influence your decision to stay and remodel, as securing a similarly low rate could be challenging (or impossible!) when buying a new home. If your intention is to maximize your investment and build equity, a remodel can be a strategic way to increase your home’s value without the costs of moving.

7. Emotional Attachment:

When you look at your spare room decorated in all the modern trends, do you still see your first-born’s crib in the corner? If you have deep sentimental value attached to your home, remodeling can help preserve those memories while bringing your living spaces up to date. If you don’t feel any sense of “good” in saying goodbye by selling, then don’t!

8. Aspen’s Market Stays Red-Hot

Take a close look at your local real-estate market. Are homes in your area in high demand, or is it a buyer’s market? If your home is in or anywhere near the 81611 zip code, we can almost always assure, the answer is that you’re in high demand! If selling means cashing out to fund the next chapter of your great adventure, who are we to stop you? 

9. Timeline

Consider your timeline. Are you willing to wait for the completion of renovations, potentially living in a construction zone, or do you need a faster solution? Selling and buying a new home can be quicker, while remodeling can take several months. To make an informed choice, it’s advisable to consult with the professionals: real estate agents, financial advisors, and contractors!

10. Going Green

The push for sustainability and energy efficiency has never been stronger. If your home lacks modern eco-friendly features, a remodel can be an opportunity to increase your property’s energy efficiency and environmental friendliness, ultimately lowering utility costs and reducing your carbon footprint.

Whether you decide to embark on a remodeling adventure or start a new chapter in a different home, B2 Builders is here to assist you. Our team of experts can help you envision, plan, and execute your dream remodel or build a new property that perfectly suits your needs. With B2 Builders, your housing goals are within reach, regardless of the path you choose.