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Remodel Costs VS New Home Expense

While remodeling may be becoming more popular, there are still plenty of advantages to the alternative route: purchasing a new home in the Portland Metro Area. Here are some of the pros and cons of each route:

  • Take a personal inventory: Do you have the experience and skills to manage the project? Remodeling your home will require that you deal directly either with tradesmen, contractors, architects— or the whole bunch! It may be the greatest advantage to purchasing a new home: getting the additional space and amenities without the work.
  • The loss of privacy during a remodeling project is not something to be underestimated. Depending upon the scope of the project, it may be months before the dust settles and you have the house to yourself again. There is also the inconvenience of not having access to multiple areas of your home while work is proceeding
  • One or two bothersome features of your current house make moving seem like a no-brainer…before you commit to a move, be sure that you really want to leave. History, a sense of community, and the roots you’ve established in your current neighborhood are all reasons to opt for a remodel rather than a new home.
  • Moving costs, transaction fees, commissions and taxes are part of the equation to weigh against remodeling costs. A sharp pencil is definitely in order before the dollars and cents can be realistically reckoned—particularly if your finances have improved and the remodel is meant to bring your home up to an improved standard of living.
  • The danger lies in overcapitalizing a property in a location where the resale won’t support the expense. Even a great home will still fetch a price that’s relative to other properties in the neighborhood, obliterating the wished-for ‘investment’ value of extensive remodeling.

While it’s important to be informed about the factual tradeoffs of your decision, it’s likely the end choice will also be influenced by what just feels right—as it should be. Whether you’re considering a remodel or a purchase, if you’d like to run some numbers, call me today for a confidential price evaluation!

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Marc Fox

Marc is recognized as one of the Top Real Estate Brokers in the state of Oregon. Not only has Marc been recognized as a Top 1% Portland Metro Realtor, he has received numerous awards for his world-class customer service. Today Marc continues to be one of the Top Producing Keller Williams Agents in the Pacific Northwest. Marc specializes in traditional resale properties, short sales, bank owned properties, new construction, lots and land, and investment properties. Marc attributes his success in today's fiercely competitive market to hard work, dedication to his clients, and to having a strong knowledge of today's market.

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