Many people begin to realize that the home they bought, which seemed to meet their needs at the time, no longer serves the latter! Perhaps, your life experiences and situation, including your family life, needs, etc., call for a different layout and / or size / layout, etc. They must be ready, willing and / or able to determine whether to renovate their existing home or, if it would make more sense, sell it and buy a more suitable residence. In fact, after more than 15 years of experience as a licensed real estate salesperson in New York State, I have come to believe that this decision comes down to 4 basic considerations. With that in mind, this article will briefly attempt to consider, examine, review and discuss, these, in an objective and informative way (hopefully).
1. Neighborhood; area; block; neighbours: Objectively consider whether your current neighborhood is the one you really want to live in! What are the advantages and disadvantages of the neighborhood, the area, and the specific block? What is your relationship with your current neighbors and should it be an important factor in your decision making?
two. Specific property and location: What is the potential of the property, in which your current home is located? Is it suitable for expansion? Would doing that make the house disproportionately valuable / valuable to the block? On the other hand, is there something really special about your location or the current lot?
3. Comparable costs: Realistically evaluate what your current home would do in the real estate market. How much would it cost to have an architect draw up the plans and present them to the local government authority? What would the actual construction costs be, including permits, inspections, parts, materials, and labor? Now, compare that to the market value of a home, which could be available, and for sale, that could meet and / or exceed your needs and expectations.
Four. Customize, versus optimize: Remember, few people buy a house, without having to make some changes, etc. Know what those costs would be! When you buy an existing home, the layout is basically fixed, so make sure it meets your requirements properly. Buying someone else’s home could meet your needs, if you optimize the circumstances, within your personal financial responsibilities. On the other hand, when you have your home, modified and personalized, you will hopefully get what you are looking for.
Objectively and realistically, consider your options and determine what appears to be the best for you in the long run. An educated and informed decision is the best approach!