Your current home may have been your dream house when you first bought it but families grow and priorities change, so it's not surprising if lately you've been weighing the options of a remodel vs. buy in the Boise Idaho Real Estate market. Both have their benefits, but there isn't one size fits all solution for everyone. There are things to consider on both sides when deciding between remodeling your current home or buying a new home.
First Things First
Before you look at everything involved in remodeling your existing home or buying a new one, you should take a clear look at your current housing situation to determine whether remodeling will resolve the issue. Do you still like your home, but feel that it just needs some updating or additional room? Do you still like the neighborhood and the neighbors, or have those elements changed over the years?
The depreciation of existing homes may affect whether you can get enough in a sale to pay off your mortgage and put a down payment on a new home. If you have kids, you need to consider if moving them to a different neighborhood would give them the opportunity to go to better schools. Naturally, employment and commuting are other important factors to consider. If you're attracted to a neighborhood closer to work, buying a new house instead of making home improvements would not only reduce the amount of time you spend on the road but could also land you in a bigger home with the amenities you're looking for.
Remodeling: Things to Consider
If you're leaning toward a home remodel vs. buy in the Boise, Idaho area there are still pros and cons to consider that will help you make a final decision. Living in the dismantled chaos of a house under construction may not bother you, but you'll have to think about the extent of home improvements you want to undertake to make it your dream house again. Cosmetic improvements, anything from repainting to floor refinishing or even updating kitchens and bathrooms, are typically investments that you'll be satisfied with, and that will also increase the market value of your house significantly more than they cost. If you need considerably more space to the point of building on several rooms or an entire wing, that might be more work and expense than you want to take on. It may not make financial sense either.
As for Idaho remodel costs, it's essential to do the math and check the numbers twice. This step involves thoroughly evaluating the condition of your house, so you don't end up with too conservative of an estimate. Then, even after you feel confident you have a realistic figure for renovating your home, add another 5 to 10 percent. Few home improvement projects come in under budget and unexpected mishaps or problems can always crop up. Additionally, you may get started with the home renovations and decide to add in extras you hadn't considered before.
Choosing to Buy
When debating a remodel vs. buying a home in Boise, Idaho, your current situation may make buying a new home look attractive, sometimes nothing beats that new paint smell. However, Idaho new home prices may surprise you, and you might wonder whether you can afford to buy new. Getting prequalified with a mortgage lender will make the shopping process easier because you'll already know what price range you can comfortably afford, and you will have a good idea of the taxes and insurance you can expect to pay. Though they'll only be a one-time expenditure, you also need to take moving costs into consideration. Additionally, finding a new home in Boise Idaho with the unique character features you want may require you to buy brand-spanking-new or even constructing a home from the ground up. For example, you might fall in love with one that has gorgeous hardwood flooring and the kitchen of your dreams, but the master suite might be smaller than you'd like, or maybe the bathrooms don't have the granite vanities, showers, and tubs you'd love to have.
Yet, in the choice between a remodel vs. buying in Idaho, there are just as many items on the "pros" list of buying a new home. You'll be able to move in and start living in rooms that are not under demolition. Newer homes are more energy efficient, and most already have modern conveniences built in such as Internet wiring, alarm and home automation systems, and cable and speakers throughout the house. Also, floor plans of newer homes tend to be more open and spacious, so your family will finally have room to spread out.
Good luck with your decision and if you ever need an expert’s opinion as to your home’s value, the potential contributory value of any improvements you might be considering, or just help finding your new dream home, we are here to help you make great decisions each step of the way.
The team at Stewart Realty knows homes and they know Southwest Idaho real estate. To find out more about real estate in the Boise Region give Jeff Stewart at Stewart Realty a call to set up your personal real estate search, a personal tour of the area and find some great homes that fit your needs and budget.
Compose Your Personal MLS Search With Us:
http://StewartRealtyllc.com or http://HomesInMeridian.com
Jeff Stewart, Broker/Owner 208-602-1993 or email@example.com