What to Do When Your Home Has Outgrown Your Lifestyle
There are two main options for empty nesters with homes that are no longer well-suited for their lifestyles: move or remodel.
If you are an empty nester, should you remodel or should you move?
After your children leave the home, a decision must be made about what to do with the property. All the extra space that’s left behind leaves you with two main options: remodeling or moving.
Lately, remodeling has become more popular than ever. However, is this truly the best long-term decision?
Let’s say you currently live in a three- to four-bedroom home. When you made your home purchase, you likely did so when your children were a major consideration in determining your housing needs. Factors such as the property’s size, school district, and neighborhood likely played a significant part in your decision.
Remodeling your home to meet your current needs could mean a number of things, such as combining two bedrooms into one beautiful master suite.
“It may make better financial sense to sell your home and transition into another property that is more well-suited for your current lifestyle.”
Well, I challenge you to think about the current situation of your neighborhood. Is your neighborhood one which attracts buyers who have similar needs and expectations as you did when you first purchased the home? Will cutting down the number of bedrooms or other similar remodeling projects make your property less attractive to potential future buyers?
According to a recent study, you should recoup 64.4% of what you spent on your remodeling projects if you sell in the near future. However, your home is probably at its highest value as it stands right now. Instead of remodeling, it may make better financial sense to sell your home and transition into another property that is more well-suited for your current lifestyle.
In many cases, these well-designed homes will give you exactly what you want: less square footage and lower property taxes than your current home.
The point is that if you are in a home that no longer fits your needs, at least consider checking out other homes in your area that meet your lifestyle needs before taking on the expense and hassle of a remodel.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.