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If you’re growing out of your home, you may be debating whether to start house hunting or start adding on. To help you make the right decision for you, here’s a look at two newlywed couples and how they decided whether to move or to renovate.
Allison and Mike loved their 1940s-era home near downtown Charlotte, N.C., but at 980 square feet it was barely big enough for the two of them, let alone their 75-pound greyhound, Jack, and a cat named Azriel.
Similarly, Bridget and Kenny loved their 1950s home in south Charlotte. The size wasn’t bad, at 1,357 square feet. But a second bathroom would be nice, they thought. So would a place to keep their 70-pound dog – someplace other than a kennel in the eat-in kitchen.
Both couples started seriously debating their housing future in the summer and fall of 2006. One decided to renovate, while the other decided to move.
Allison and Bridget work together at LendingTree, the parent company of RealEstate.com.
The Renovators
Allison and Mike always knew they’d renovate their little home someday. The neighborhood was exactly what they wanted, with the charm of older homes and tree lined streets. “We love our neighborhood. We can walk to shops and restaurants, we’re close to downtown Charlotte and having sidewalks on each street is perfect for walking our dog or going for a run.”
Mike and Allison briefly considered moving vs. renovating. They wanted to make sure they entertained every idea but research indicated they could probably renovate for a lower cost per square foot than buying a home in a similar neighborhood close to town, she said. Since they loved their neighborhood so much and the thought of finding a new, equally appealing neighborhood seemed unattractive, they moved forward with their renovation research.
The next step was figuring out how to expand their two-bedroom, one-bath home into something more livable and practical. A lot of other homeowners in the neighborhood were doing the same thing, so they jotted down the names of architects and builders doing projects similar to the one they envisioned.
The couple ended up interviewing and hiring an architect who they really connected with. “We sort of gave her our lifestyle rather than telling her, ‘We want four bedrooms and a lot of square footage,” Allison said.
The result: Plans for a nearly 2,800 square-foot home remodel with four bedrooms and 2-1/2 baths in a story and a half, with period touches like hardwood floors and arched doorways as well a comfortable den area connected to a much larger kitchen.
The next step is to get bids from contractors. The Renovators have their fingers crossed.
The Movers
Bridget and Kenny thought from the start that moving made more sense than renovating.
“That’s before we started looking at prices,” Bridget said. But she never could envision a renovation that would deliver the larger master bedroom, second bathroom and den they wanted. The idea of gutting the house wasn’t appealing, either.
So they continued house shopping and ended up finding a house they loved. Because they were initially planning to live on one income and save the other, the price “blew our budget,” Bridget said. But the couple could imagine living in the home forever. It was built in 1963 and needs some updates, but the five-bedroom, three-bath home is in a good school attendance zone and near close friends and family.
If a renovation had looked like it would be “a quick and easy job,” they might have considered it more seriously, she said. And “if we hadn’t found a house we really loved,” renovation might have been more attractive as well, she said.
But she says she and her husband were happy with their choice and are excited about moving in to their new home in a few weeks.
Two couples, two decisions, with the best of times surely yet to come.
Published on May 17, 2007Read full article at realestate.com