renovating or moving? (hardwood floors, for sale, real estate)

[gunslinger256]

I heard a number of people at work are spending money to renovate their homes. I'm a little surprised that they don't just move to a bigger house especially in NWA when new homes are being built everywhere you turn.

My wife and I are thinking carefully about downsizing with another kid going off to college in another week. Getting the house in order to sell is a major hassle that I don't really want to tackle especially since I got our last home ready for sale when my wife relocated here and left me behind to tie everything up.

Anyone else thinking of renovating or moving?

[Snaple4]

I think you answered your question; selling a house and buying another is a pain. Also, the cost to renovate your house in a neighborhood you like may be way better than getting a new house. They may only spend 10-20 grand at a time on renovations. After you pay the 6% commission + closing fees + title fee's + taxes + surveys+ inspection (s) + moving expenses.... Hard to justify the cost unless you purchase a house for a cheap price.

I purchased my current house about 1.5 years ago, still haven't finished fixing it up yet. Just put an offer on another house....

[nmnita]

I see both sides to this story: without up dates the house is going to be harder to sell unless priced accordingly. We are seeing this right now in our neighborhood. The few for sale that still do not have granite or something similar, newer appliances, some type of wood floors floors or look like wood, etc are just not welling On the other side, it is true you may not revamp all the money you put into the updates. We did update ours a few years ago, but more for our satisfaction than having re-sale in mind. We will probably sell in a few years and know, except for a little paint here and there, most everything is new enough to be considered updated

[Slytrix]

Always a difficult decision and part of the equation has to be the availability of contractors. Low amount of skilled trades usually means higher price.

[Gerania]

New houses aren't necessarily better. They look nice, but you can't see behind the walls.

[gunslinger256]

Originally Posted by Gerania

New houses aren't necessarily better. They look nice, but you can't see behind the walls.

when I was building my current house, I visited it everyday and took pictures so I have a pretty good idea of what is behind the walls.

Newer homes include the latest building codes and construction techniques, but at the end of the day after living through a major home renovation I don't think I would want to live through another one.

[Loveswater_outdoors]

I'm torn on this. I think it depends on the price point of the house, but when my sister bought a brand new home in the slightly under 200k range in 2016, it felt like maybe the materials used were cheaper and more of an afterthought than some materials used in homes 10 years older. I almost prefer homes built in the 90's through early 2000s due to how home builders seem to try to cut corners to push out homes so quickly nowadays. I think neighborhood and location play a major role, and while renovating can be a pain, moving to me is usually a bigger pain. If I felt the home was in a location I loved and had good bones, I'd probably always choose to renovate. We are currently going through this conundrum ourselves, looking at cheaper homes with more square feet that need renovations vs more modern on smaller lots with less sqft that are more turnkey. Lots of factors to consider.

[Slytrix]

After waiting for our new home to be built, I don't think I would do it again unless I lived in the area.

What was I thinking

Also don't plan on moving into a new build for at least a week, 2 weeks would be better, after the home is finished, to allow any new home construction off gasing from carpet, hardwood floors and paint. Trust me on this.

[Snaple4]

Originally Posted by Slytrix

After waiting for our new home to be built, I don't think I would do it again unless I lived in the area.

What was I thinking

Also don't plan on moving into a new build for at least a week, 2 weeks would be better, after the home is finished, to allow any new home construction off gasing from carpet, hardwood floors and paint. Trust me on this.

That is a big problem with most houses. Remodel or new construction. Even after the the initial off-gassing from construction it will continue off-gassing for a time. Newer houses are built more airtight but rarely have an erv,hrv, or ducted dehumidifier to bring in fresh air. Good thing about older houses having more air leakage is better drying of the materials, less buildup of off-gassing, radon, chemicals from cleaning, or hair products. You do pay for it by having a dusty house, less comfort, and higher energy bills.

[Hollynla]

We've all heard the old saying when it comes to real estate, "Location, location, location". It's true. You can change things about your house, but you can't change the location of it (unless you move). If you are in your perfect location and/or neighborhood, it's probably worth doing the renovations. Don't settle for a location you're not happy with just to get a *new* home. The newness will wear off and you still won't like the location.