Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [January 2005]
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Remodel or “Buy Up” — Which Is the Best Option?
As we begin the New Year many of us are thinking of selling the home that we are out growing and perhaps buy something larger or more modern. If you can afford it I recommend that you buy. However if you cannot afford a more expensive home it may be worth your time to consider adding an addition; or a remodel of your existing dwelling.
How a remodel will affect the value or your property is somewhat subjective. There are several factors that you should consider. Among those are the age of your home, what property values are in your neighborhood, and how long you plan to live in the house. If you like your neighborhood and don’t plan on moving anytime soon by all means consider a remodel.
At my web site www.marymonday.com you can download a copy of the 2004 Cost vs. Value Report from the Realtor Magazine and Remodeling Magazine. While Flagstaff is not included in the report you can for example see how a kitchen or bath remodel affects values both nationally and throughout several western cities including Phoenix. For instance the national average of a major kitchen remodel on a mid range home will cost $42,660. The return on investment is $33,890 or 79.4% when you decide to sell your home. Look the report over and see if it helps you in making a decision whether to buy up or stay in place.
One caution, if you have never experienced or lived through a remodel be prepared to have your lifestyle turned upside down during construction. Make your plans well in advance of when you want to begin work. I recommend that you hire a licensed contractor and an interior designer to oversee and plan the details. You will be glad you did.
Happy New Year!
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