Posted by: Dean Brenneman
on Apr 16, 2009
One of the most frequent questions that I get from new clients is this: Should we buy a new house or remodel our current home?
I always point out that moving - even to a home of the same value - has its own inherent expense. Between Realtors, appraisers, home inspectors, title attorneys, and professional movers, it is not unusual to spend an additional 10% of the purchase price just to make a lateral move. A family can easily spend $50,000 to $100,000 just to move to a different home in the same price range.
Occasionally, this makes sense - all homes are not created equal, and some homes just can't be improved enough to justify the expense. But for most families, the equation quickly tips towards remodeling when they factor in the intangible value of a known neighborhood and good schools. Throw in redecorating expenses, years of landscaping, and a wealth of family memories wrapped up in a home and the decision is made. Take the best of what you already have and improve upon it.
Here's an example of the strategic, but dramatic changes we made for one family recently:
Before & After:
The room is not just brighter -- although the new architectural lighting was a critical element of our design. Notice the new windows that emphasize the proportions of the room. And the new French doors where the picture window was; this really brings the outdoors-in. We made many other improvements to this space (as indeed we did to the entire home) but it looks like it was always supposed to be this way. The family has already forgotten how dark the home used to be!
Maybe the best possible new house is hiding inside your existing home already.
