Remodeling Your House
One of the most potentially nerve-wracking aspects of home ownership concerns remodeling.
Should you spend the money? What will the remodeling project do to benefit your resale value?
Before you embark on an extensive remodeling project, it is a good idea to determine whether remodeling is the best option for you, or whether it would make more sense to buy another house that would better fit your needs and wants.
The following brief questionnaire will help to steer you in the right direction. Answer each question and record the number of points associated with that answer.
How far “off” is your present house from the one you would like to live in?
- A little - 5
- Somewhat - 3
- A lot - 1
What are the property values doing in your neighborhood?
- Increasing - 5
- Staying the same - 3
- Decreasing - 1
What are property conditions doing in your neighborhood?
- Getting better - 5
- Staying the same - 3
- Declining - 1
How long will you get useful life out of any potential remodeling?
- 10+ Years - 5
- 3-10 Years - 3
- Less than 3 Years - 1
In relation to your house, the other homes in the neighborhood are:
- Larger - 5
- Similar - 3
- Smaller - 1
Analyzing your scores
18-25 points: Remodeling may be a good consideration.
10-17 points: Either option may work for you. Take other factors (your budget, your job stability, etc.) into consideration.
Under 10 points: Moving may be your best option.
