Moving and remodeling both come with a financial cost. For example, if you’re moving to a bigger house, you might end up spending more than what you make when you sell your current house. Even if you’re downsizing, selling a home comes with a variety of costs, including moving costs, home repairs, and agent commissions.
Remodeling your home also comes with costs, but they tend to be more immediate and straightforward. Remodeling includes the cost of materials, labor, and financing, if needed. Fortunately, when you hire a general contractor in Washington, DC, you’ll typically be able to get a free quote so you know what to expect.
Return on investment
Whether you’re thinking about selling your home now or down the road, it’s important to consider what your return on investment will be. Remodeling your home can be a great way to increase your home’s value, allowing you to raise the asking price. Different home improvement projects have different ROIs, and a general contractor can help you decide which will give you the biggest bang for your buck. It’s important to note, though, that if you remodel your home and it becomes worth a lot more than the rest of the neighborhood, it may be difficult to sell or recoup the cost of remodeling. In that case, it may be better to move.
Real estate market
The local real estate market can help you decide whether to remodel or sell your home. When doing research, pay attention to what similar homes in the area have recently sold for. Be sure to also consider how much work needs to go into your home before it will be appealing to buyers. If the market is hot, it may be better to sell. If not, it may make more sense to stay and remodel.
How difficult will it be – emotionally – to sell your home and move? Do you have a strong sense of community in your current location? Are you close to work or the kids’ schools? Did you watch your children take their first steps or say their first words in your current home? When deciding to remodel or move, be sure to consider the emotional aspects.
Your family’s needs
When considering whether to remodel or move, think about you and your family’s needs. If you want to be in a specific school district, your home or yard aren’t big enough, or if your neighbors are loud and annoying, these are things that moving will fix but remodeling won’t. If you simply need a better functioning space rather than more space, or if your home feels outdated and you want a more modern-looking home, remodeling with the help of a general contractor in Washington, DC may be the best solution.
About Protector Construction
Proctor Construction is a home improvement company based in Lanham, MD serving the Washington, DC area. Since 1999, we’ve been helping homeowners achieve their vision for their homes. Our experienced team can handle projects big and small, including bathroom remodeling, kitchen remodeling, basement remodeling, specialty projects, and landscaping. We also offer financing options for your convenience. Want to learn more? Click here to request an estimate.