When is it time to remodel?
Consider remodeling and home upgrades for your own benefit and enjoyment.
Is your home or condominium approaching ten years old, maybe already past that point?
You’re a good homeowner and you take care of your property. It’s under good repair regarding leaks, heating and air conditioning, and all other mechanical systems in the home. But, maybe the kitchen and baths are still original or, one or two kitchen appliances have been replaced and now they don’t match or, simply the color scheme you selected some time ago is a bit tired. Surely all is clean as a whistle and fixtures are in good condition.
But the simple fact is, your home is dated. Dated compared to properties already updated and remodeled within a couple of years, dated compared to newer properties, and certainly dated compared to a new construction property.
As a REALTOR I show new construction and resale properties to buyers all the time. This year so far, more than 50% of my contracts have been for new construction product. One of the major reasons is that buyers look at properties 5-10 years old and see a lot of work and dollars. Given the elevated prices in the current market plus remodeling costs many buyers simply choose new.
The new versus resale contrast is quite dramatic when you’re out for an afternoon and walk through one versus the other. For many, the decision is clear and immediate.
There are various studies that talk about the average length of home ownership, the median duration, and the percentage of the population that fall into various duration segments. Some numbers I have seen show the average ownership duration to be on the order of eleven years and another, according to the US Census Bureau, is only 37% of homeowners lived in their home for more than ten years and the median is 5.9 years – 50% of homeowners shorter and longer.
Suffice it to say that if you are pushing the ten year mark, a changeover is likely soon. Even if a sale is a few years away why wait? Many people undertake projects only to ready their home for sale, hence for the benefit of the buyer. Depending on the upgrade, much of the money spent will be recouped in the sale price but not 100%. There will be dollars spent and not coming back to you in a higher sale price. Why not remodel now and enjoy the new stuff?
If you are getting ready to sell, not only will wisely chosen upgrades bring a higher dollar for your property, it will position your home above the competition and likely result in fewer days on the market.
Image courtesy of Carlos Porto at FreeDigitalPhotos.net
