Should I Remodel or Relocate?
Outgrowing your home can become a sticky situation. You may be living in a desirable area, but your house is no longer a perfect fit for your needs. If you find yourself a little in over your head with projects to make your home just right, you may find yourself considering moving. There are many things you need to contemplate before making your decision. Your Lake of the Ozarks’ real estate agent can help you decide if you should remodel or if relocating makes more sense:
Should I Remodel?
Remodeling is generally cheaper than relocating. However, it could be impractical depending on what you want to do to your home. If your purpose is to downsize, then remodeling would rarely make sense. Financing your home remodel might be another issue you run into. Remodels are typically paid for through a homeowner’s loan from a commercial bank, which approves a second mortgage on the property. These types of loans generally require a higher credit rating, and often times carry a higher interest rate and shorter payoff terms.
The upside to remodeling is that you are staying in the same location. Oftentimes, moving can be very stressful. You also are familiar with your home. You know when the last time the roof was repaired, and you know the age of the AC and heater. You know when those little upgrades and tweaks were made, so you don’t have any unexpected surprises come up like you would with a brand new home.
Few people can find the perfect home that has all the things they desire in a home. Yes, you could have a new home, but chances are there are still going to be things that need to be changed. Remodeling allows you the chance to have everything you want in a home, and of course control of the budget while doing these changes. However, you have to think to yourself, can you handle constant construction in the home you are living in?
Should I Relocate?
Relocating allows for a fresh start. Yes, it could be a higher transaction cost and a little daunting, but you can get help along the way from the best real estate agent at the Lake of the Ozarks. A good agent can help you with the sale of your current home to the search and purchase of your new house. Real estate agents also can help you with the negotiations and contracts. A mortgage lender can help you with the legal transfer of the property, which includes title searches and insurance, tax filings, and legal work, in addition to providing the funds to buy the new home. If you are not in love with the area your home is located at currently, moving may be your chance to find the right neighborhood for you and your family.
If you are thinking of relocating, contact me for help!
Making the decision to move or remodel can be tough, but it doesn’t have to be! A professional real estate agent at the Lake of the Ozarks can help you every step of the way. If you are thinking of selling or purchasing a home at the Lake of the Ozarks, give me a call at 573-216-8439 to schedule an appointment.
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