The children have finally moved out, and you now live alone in a large four-bedroom colonial home. You consider the following two choices:
- Remodel your house to fit your current lifestyle and needs
- Sell your house and purchase the perfect home for 1-2 people
Based on the record of dollars spent on remodeling and makeovers, it appears that many homeowners are choosing the first option. But, that may not be the best long-term solution.
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the main influence in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the type of neighborhood. For example, you wanted a block with other kids your children could play.
Remodeling your home to meet your current needs might mean merging two bedrooms to make one beautiful master suite and changing another bedroom into the gigantic walk-in closet you always wanted. However, if you live in a neighborhood that historically interests young families, you may be undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and needs.
The Bottom Line
If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs, before taking on the cost and trouble of remodeling your present home.