Renovate or Move?

Renovate or move? Homeowners are moving less and deciding to renovate during the tight real estate market.

Greater Cincinnati Kitchen and Bath Remodeling ShowAccording to the latest numbers, people are averaging 10 years in between moves.  This is the highest number since tracking began in 1985.

So the question of the day for today’s homeowners- renovate or move?  The local Cincinnati real estate market has a record-breaking low number of homes for sale.  Many frustrated move-up buyers have decided to stay put and fix-up.

But not everybody is happy with renovating- especially ones who underestimate costs and overestimate their ability to cope with the mess during reconstruction.  Bankrate shared some great questions you need to understand before making a decision.

Know where to spend your money when you decide to renovate. 

The best question to ask- are you remodeling for your own enjoyment or to add resale value?  

The most important thing to remember when you’re thinking about upgrading or updating is to ask yourself “why”. If you are adding an ultra-gourmet kitchen to a home in greater Cincinnati, Wyoming, Mason or West Chester and your current property is already more expensive than other homes in your neighborhood, the chance or recovering your investment in the short term is very questionable…..and in today’s real estate market, in spite of what you see on television, that even modest remodeling jobs may not recover the total investment.

Since there’s no magic value wand to wave over the newly upgraded kitchen to determine estimated costs- the next best thing is a free guide from Pillar-to-Post Home Inspectors.

The guide offers a rough idea of what projects cost.  Your real estate agent can provide data on prices in your neighborhood so you can make an informed decision- remodel or move.  New paint and carpet are the 2 most cost effective fixes if you’re planning on selling your property now.

Another source of remodeling cost vs value is the Remodeling Cost vs Net offers costs by regions and links to a vendor as well as estimates for certain types of work-like painting.  From personal experience, the estimated prices for the job (ie: new front door, upgrading bathrooms) is usually lower than the actual costs.

No easy answer to the renovate or move question.   It depends on how much money you want to invest and willingness to handle living through the renovation process. 

Not sure which option is best for you-  Call/Text