Is it Better to Remodel or Sell Your Apopka Florida Home?
A common dilemma for homeowners is whether to remodel an existing home or start fresh in a brand new home. If you’re struggling with the decision of whether to remodel or sell your Apopka Florida home, there are several factors that you should consider.
You’ve heard the saying that the most important aspect of real estate is location, location, location. So, in deciding whether to remodel or sell, location should naturally be a factor. Do you love the location of your home, or would you prefer to live elsewhere?
If you’d like to stay in the same location, are suitable homes generally offered for sale there? If listings are rare or the other homes in the area simply don’t meet your requirements, then remodeling may be your best option. On the other hand, if there’s an abundance of listings that would meet your needs, then both options (remodeling or selling) remain on the table. If you do not like your neighborhood, no amount of remodeling will change that. Selling becomes the clear choice.
Another factor to consider is zoning laws. What type of remodeling would you be looking to complete? Would it be an extension off the back of the home or adding a finished level above? Do zoning laws for your neighborhood allow such changes? If you’re only performing interior remodeling without structural changes, then this may be less of a concern. For extensions and additions, find out first whether those are even possible.
Cost & Benefit Analysis
With any investment, whether it be a purchase or remodel, you should evaluate each option from a cost vs. benefit perspective. For remodels, calculate the cost of remodeling your home. Compare that to the potential increase in home value as a result of the improvements. Return on investment varies based on what you are remodeling and the scale/quality of the work.
Now compare that to selling your existing home and purchasing a new one. How much will you need to spend on the new home to get the features and amenities you are looking for? How much can you get for your existing home? What expenses will be involved with selling and buying?
Time and Impact of Each Option
Consider the time required and impact of each option. If you are remodeling, how much time will it take? Can you remain living in your home during that time? How will it impact your family and daily living? Is it feasible to go through that process? If you are selling, you will need to prepare your home for showings, pack up, and move. This still requires time and energy, but it’s typically a more defined and shortened period of time than a major renovation.
More Thoughts on Whether to Remodel or Sell Your Apopka Florida Home
That’s probably a lot of food for thought already, but we’re missing an important consideration – cash flow and predictability. Remodeling requires up-front funds to pay contractors and purchase materials. Think about whether you have those funds readily available or can easily obtain a loan for the project. Remodeling also tends to be less predictable as it can experience delays or go over budget.
If you choose to sell, you can typically use the equity in your existing home as a down payment towards the new home. If the new home is more expensive, you’re essentially taking on a higher mortgage payment to get the features you want, rather than paying out to a contractor. Additionally, home selling and home buying expenses are fairly easy to estimate. Your real estate agent can assist with preparing some numbers for you to evaluate.
If you are thinking of selling your home and purchasing a new one, give our team a call. We can provide a market analysis on your current home. We can also identify listings that may be suitable for purchase. Knowing your options and what is available is the first step to making an informed decision about whether to remodel or sell your Apopka Florida home.