Empty Nesters: Best to Remodel or Time to Sell?

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:

  1. Remodel your house to fit your current lifestyle and needs
  2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?

If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).

Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.

And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.

Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.

In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.

Bottom Line

If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.

Powered by WPeMatico

Quick Search

$
$

Need a Free Home Analysis ?

Our Reviews!

Reviews on Zillow
2438020
"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
5.0/5.0
by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
5.0/5.0
by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
5.0/5.0
by sandyext

About Cherry Blossom Properties

Cherry Blossom Properties

We are ethical, educated, experienced full-service real estate agents, affiliated with award-winning customer service brokerage RE/MAX Gateway, serving communities in DC, MD and VA.  We represent buyers, sellers, investors (including "flippers"), landlords, and tenants.  We have experience in home renovations.  With a background in law and mediation, we are high-level negotiators and strategists in real estate transactions.  We know our markets and get the best results for our clients.  Integrity, knowledge, and exemplary customer service are the keys to our business success.

 

RE/MAX Gateway

tel:703-955-7050
3000 N. 10th Street
Suite D
Arlington, VA 22201

Testimonials

Online Reviews

zillow-5star-125ad

Reviews on Zillow
2438020
"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
5.0/5.0
by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
5.0/5.0
by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
5.0/5.0
by sandyext