Remodeling Versus Moving (There is Math Involved)

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Zillow’s recent report on home prices and values indicates that the Seattle Metro area is a very hot real estate market. Values are up 10.3% over last year to a median of $316,000 and the median list price is now approximately $172/SF (note that both of these figures are considerably higher within the City of Seattle).

This is great news if you’re a seller (or thinking of selling your home) but, unless you’re selling and relocating to a part of the country that’s currently a buyer’s market, you’ll most likely find it challenging to find and purchase the home of your dreams without a few disappointments along the way (think bidding wars, finding that the house you want sold on its first day on the market, etc.). Keep in mind, too, that just as you got top dollar on the sale of your house, so will the people you’re buying from.

With that in mind, there are bona fide financial incentives to staying and remodeling.

Besides the obvious fact that remodeling your home has the potential to increase its value, there is no need to pay fees for real estate agents, appraisals, home inspections or movers (or for any other “hidden” fees that you may encounter along the way). While realtors' fees are negotiable, in the Seattle area, 6% is the de facto standard. On a $500,000 home, those agent fees alone are $30,000 — $30,000 you spent, not invested. And did you know that a local move for an average 3-4 bedroom house can cost as much as $5,000 if you also pay the movers to pack your belongings?

Do the math, and it’s surprising just how much moving really costs.

Instead of throwing that money away, invest it in your current home. Perhaps a new kitchen or bathroom will be enough to fall in love with your home all over again…or maybe you’ll want to give it a complete overhaul. Either way, possibilities abound.

So unless there is a compelling reason to move – such as a lengthy commute to work or that you and your neighbors have become the modern equivalent of the Hatfields and McCoys – consider remodeling as a way to have a “new” home without the expense of moving.

When you’re ready to see just how beautiful your current home can be, get in touch. We’ll be happy to make your vision become reality.

{tag_authors name} 06-May-2014 0 Comments
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