MOVE OUT OR MAKE-OVER. Exceptions to the “Don’t overbuild” rule in remodeling.
January 16th, 2008The children are gone. There are 10-15 more years before retirement. And you’re restless. You saw one-too-many shows on HGTV, and the house looks a tad worn… Should we sell and move out and up? But, just when we were financially more settled with thoughts of travel and hobbies, why would we want to go deeply in debt. Besides, we have so many good friends in this area. We know the grocery stores, shopping malls, church, exercise, etc.
In this kind of situation, it may be appropriate to “overbuild” a bit. You are not planning on moving, you want to retire in the home, so why not enjoy it a bit. You wouldn’t give much thought to spending $20-25,000 on a car that will depreciate rapidly in a few years. So why not spend a bit to enjoy your home for your remaining years? Perhaps it is time to consider some creative alternatives to moving.
For example, many older homes have a chopped up layout, and are begging to be liberated into a more spacious arrangement popular in today’s marketplace. And the effect of opening up the living area can give the sense of being a larger space through longer lines of sight. Remodeling a home to have an open kitchen/dining/living room layout can do wonders for the sense of upscaling your home.
Also, the makeover effect of opening up a floor plan is more dramatic per $ spent than just replacing the kitchen cabinets or flooring. And with the creative use of lighting, coves, and other architectural techniques, an older home can be dramatically transformed into a very unique and personal statement of artistic class and function. Besides, those special details can’t always be found in new homes.
Typically, a homeowner will contact me with some project in mind. And usually they do not know how much their dream will cost. As we meet to discuss different alternatives, I offer them design/build advice on the various alternatives that could reach their goal, and whether their project makes sense in the larger economic picture. For example, what is the market value of their house? What is the average value of similar houses in their neighborhood? Websites such as www.remodelingonline.com can give the national averages for the approximate cost and resale of different remodeling projects.
Remodeling may not be appropriate in all situations, but is definitely a viable alternative to “MOVE OUT AND UP.” Reserving some capital for other pursuits at your particular stage of life may seem quite attractive as you pursue other creative possibilities awaiting your home.
Perhaps its time for your home’s MAKEOVER.
