Move or Remodel: How to Get the Home of Your Dreams New Britain CT

Whether to move or remodel is a question of cost and convenience.

Local Companies

All My Sons Moving & Storage
(203) 574-5700
2120 Thomaston Ave
Waterbury, CT
Hanson Moving & Storage Inc
(203) 758-2405
45 Commons Ct
Waterbury, CT
AAA Manano Movers Inc
(800) 992-2239
Chase River Rd
Waterbury, CT
Sullivan Moving & Storage
(203) 575-1372
37 E Aurora St
Waterbury, CT
Biblio Tech Inc
(860) 399-5700
5 Whittemore Pl
Westbrook, CT
Relocation Resources International Inc
(203) 222-4100
372 Danbury Rd
Wilton, CT
Bibliotech Inc
(203) 773-1020
Westbrook, CT
Cort Furniture Rental
(860) 571-8844
1940 Silas Deane Hwy
Rocky Hill, CT
Sotheby's International Realty
(203) 869-9085
45 Field Point Rd
Greenwich, CT
Njs & Associates
(203) 438-1718
Ridgefield, CT

provided by: 

If you and your family have outgrown or tired of your current home, you’re probably ready either to sell your home and trade up or to jump into a major home remodeling project. But the question is which option makes the most financial sense for you – moving or remodeling?

 

Calculate the costs of moving
The chief advantage of moving is that you’ll be able to see your fully finished new home, rather than only drawings, before you make a commitment. Yet moving can be disruptive and it’s not without a myriad of costs.

In addition to the purchase price of your new home, transaction costs involved with moving could include real estate agent commissions, mortgage origination fees and home inspections. In addition, your monthly mortgage payments, homeowner’s insurance and property taxes could be more expensive after you move.

If you sell your current home first, you may also need to obtain temporary housing until you’ve purchased your new home. Depending on where you live and how long before you can move into your new home, temporary housing could get expensive. Or, if you buy your new home first, you may have to make two mortgage payments each month until your current home is sold. You might also need to hire contractors to make necessary repairs to ready your current home for sale or your new home for occupancy.

Other costs include hiring a moving company or renting a moving van, and making deposits to set up new accounts with local utility companies.

Consider inconvenience of remodeling
The chief advantage of remodeling, on the other hand, is the opportunity to design your own home and choose the features and amenities you want as your home is being transformed. Yet remodeling can be costly and disruptive in its own way.

In addition to the costs of the remodeling project and the potential cost overruns, you’ll also need to pay for architect or design services, building permits, and new fixtures, appliances or furnishings for your remodeled home. You may also be facing a second home loan payment each month and potentially higher property taxes.

If you move out of your home during construction, you may need to pay for temporary housing. Or, if you decide to remain at home, you’ll probably incur some additional living expenses such as takeout meals or professional cleaning services.

Personal preferences are important too
Whether to move or remodel depends not only on the costs, but also on how much inconvenience you’re willing to tolerate and how you feel about the two options.

If you’re enthusiastic about finding, buying and moving into a new home, moving may be the right choice for you. But if you’re emotionally attached to your home, you may prefer to remain in place and remodel. Either way, you’ll be that much closer to the home of your dreams.

 

Published on June 28, 2007

Read full article at realestate.com

Featured Local Company

All My Sons Moving & Storage

(203) 574-5700
2120 Thomaston Ave
Waterbury, CT
http://www.allmysons.com


Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History