Renovate or Move?

Years ago, a generation ago, people were putting large additions of a family room off the kitchen with a primary suite above it. It was often doubling the size of the house. They often lived in the home during the extensive renovations to try to save money. There was no Airbnb then or possible short-term furnished rental apartments nearby to temporarily move to during construction.

 

Often a Real Estate Agent was called in after the architect had completed plans and builders had submitted their cost estimates. Owners wanted to evaluate the value of home at that point and offer their opinion on what the home would be worth after the addition was complete to decide if it would be worth living through the months of construction. Some even went to look at homes they could buy that already had the space and updates they felt they needed. Sometimes, years later, we often heard them say “we should have torn our house down instead of renovating, or just sold it and moved on then.” Now we see more small additions (mudrooms, or an additional bath) and we especially see internal renovations (opening up walls to make more open space; capturing a bedroom to expand or add a bathroom and add more closet space; small bump-outs for just a bit more space; adding dormers in the roof for more light or improving the usable space in the room).

 

Many more work on small projects, one at a time, of things they would like. Sometimes the added justification for this upgrade is that “if they ever sell their home, that the new buyers would be looking for these small upgrades.” These items could include removing carpeting and refinishing the floors and adding fresh molding; changing light fixtures, shower doors, and/or faucets in the baths without a complete redo; replacing windows before having their house painted; expanding the terrace a little and adding a firepit to create an outdoor summer-room; improving the landscaping with new plantings, perennial gardens, and maybe some exterior lighting. What are you thinking about doing? Let’s discuss options!