Should I move or remodel?
For those of you who can't qualify for one of today's mortgages or really would rather stay where you are, the best deal going is to forget the foreclosures, etc. and remodel your home to fit your lifestyle.
The favorite past time for a large part of our population is looking at new homes for either inspiration on how to make their homes better or for that perfect home, but what happens when they find them? Is it time to buy or remodel?
If you want a new home in today's market, before anything else, you need to know if you can qualify for a mortgage under the new, tighter standards. If so, the sooner you buy the better. Right now, three options are open to you:
Homeowners Unable to Sell:
The primary issue with the resale market is that the $200k homeowner can't sell his home to buy the $350k home, so the $350k homeowner can't buy the $500k home and so on. It all starts with the first home sale, the first domino in the chain. The secondary issue is that when the lower price home does sell, the higher priced one isn't necessarily the best value in the next price range, so what's left is not the first tier option.
Builder Sale Prices:
Three things are key in this area:
For those of you who can't qualify for one of today's mortgages or really would rather stay where you are, the best deal going is to forget the foreclosures, etc. and remodel your home to fit your lifestyle. Think about the financial difference between remodeling your $350k home into a $500k home and purchasing a $500k home.To buy a $500k loan:
To remodel your own home will cost you only the cost to remodel: $150k.In short, you potentially gain an additional $33k (22%) of equity by remodeling the home you live in. So, where's the better deal? In this market, remodeling wins nearly every time.
Shawn H. Hughes
Specialty Spaces Atlanta
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