Should we remodel or buy a new home?

Question:  “My wife and I are undecided…should we add on to our existing Charlottesville home, or buy a larger home?”

Our suggestion: There are several questions both of you need to consider before you make your decision:

1. First, what additional space do you need?  Secondly, do you have room to expand on the ground level?  Does the existing foundation of your house support adding a second story?

2. Do you have the money available to remodel your home either through savings, or will you obtain a home improvement loan?

3. How much equity do you have in the house?

4. Do the local zoning and building ordinances allow you to enlarge your current house?

5.Will your neighborhood home values support your extra expenditure?

6. Are there properties for sale in other nice neighborhoods that are affordable and meet your needs?

7. Finally, is your current neighborhood where you want to live? Would remodeling add the most value? Would the work involved in a remodel be worth the time and effort?

After you answer these questions, you’ll know the best option.

If you are in the market for buying or selling a Charlottesville home and need competent and caring representation, please call me, Virginia Gardner, at (434) 981-0871, or email me anytime!