“Remodeling isn’t for everyone, and many times it could be a downright bad decision,” according to Dan Fritschen, founder of remodelormove.com. “It’s well worth your time to pause and consider what your proposedproject entails, and whether the it’s worth the time, energy, and money you’ll end up pouring into it.”
The “Should I Remodel?” Online Calculator can help you make that determination. It asks 15 questions and provides a recommendation based on the homeowner’s goals.
The calculator can be found at remodelormove.com/should-you-remodel, takes only a minute to complete and is free to use.
Here, Fritschen shares seven of the calculators questions that can help decide if you remodeling is the right choice.
Which are we more excited about: Hawaii or hardwood floors?
It may sound elementary, but leaning toward ‘vacation’ over ‘remodel’ is a good barometer for determining how important an updated home actually is to you.
“Unless a specific renovation really is your heart’s desire, you’d probably be better off traveling than pouring money into an already-functional room,” Fritschen explained.
Are we the Joneses? If you are the Joneses with whom everyone wants to keep up, it’s likely that the addition or remodel you’re planning will end up being a lot of work that won’t increase the value of your home.
“If you want a bigger or nicer home and you already have the biggest and nicest in the neighborhood, it may make more sense to move to a new home that has all the features you want in a neighborhood full of larger and nicer residences,” said Fritschen.
Can we really afford this?
There are smart, financially savvy ways to remodel, including using money from savings, using a 203k mortgage, or refinancing and getting cash back on your home. However, if the only ways you can pay for your remodel are to tap into retirement accounts or use your credit cards, then the cost of remodeling increases significantly and is then much harder to justify.
“If you can’t pay for a remodel the ‘smart’ way, then it is better to wait a few years and focus on saving up the money you’ll need,” advised Fritschen.
How long will we be in this house?
If there’s a chance you may be moving soon, Fritschen said there is a very good reason not to
remodel. Remodeling is a lot of work and if you move soon after finishing you won’t have an opportunity to enjoy the results.
Is this a good investment?
Do your research before making any commitments so that you’ll have a fairly accurate idea of what to expect in terms of the cost to remodel and your home’s updated value.
“If the numbers aren’t promising and the thought of not making a clear profit when you eventually sell your home horrifies you, you might want to rethink your renovations,” he said.
“Remember, the project should improve not only your home, but also your happiness and quality of life-without breaking the bank or driving your family around the bend,” Fritschen concluded. “And again, be sure to take advantage of the free Should I Remodel? online calculator at remodelormove.com/should-you-remodel.”