It’s a question many of us here in Boise have asked ourselves at one time or another…maybe you are pondering now. Should I stay in my house and renovate it or should I move? Well, there are considerations that have to be weighed before making this decision.

First, consider your current location and neighborhood. Do you love it, and your neighbors? And, if you put money into improvements, will you outprice your house for your neighborhood. Nobody wants to own the most expensive house on the street, because if you have to sell down the road, you likely won’t get back what you put in (as comparable sales may drive down your price).

Also, you will want to consider your finances. A new house means qualifying for a new mortgage. If you recently changed jobs, have incurred substantial debt or anticipate other big ticket purchases coming your way, the timing may not be right for a mortgage application. If you have a decent amount of equity built up in your current house, you may be able to swing a home equity loan to pay for renovations. Keep in mind that a home equity loan will also incur closing costs such as appraisals, title insurance and credit reports. Buying a new home, and selling your current home, also means real estate commissions, seller closing costs and the expenses involved in moving your belongings from one location to another.

Another factor is how long you plan to be in your house. If your answer is at least five to 10 years — making significant changes, such as adding rooms, building a sunroom, or finishing a basement, may provide a worthwhile payback and incentive. If, however, your plan is to move within five years, a major remodeling project may not be the most prudent financial decision.

In addition, if the house was built more than 30 years ago and hasn’t been updated, it may require new wiring or plumbing, a new HVAC system or roof, and better insulation. Tearing into walls can also uncover unseen problems that may need to be fixed and more expense to meet current building codes. It might prove worthwhile to bring in a contractor or architect to estimate costs of any big changes such as new insulation, removing some walls, or adding on.

It may be worthwhile to contact an experienced real estate agent to show you homes in your price range, so that you can see what your money can buy you. You may find a house that is already updated, with the right layout and number of bedrooms, and decide this may be the best option for you.

Making the decision to remodel your current house or move to a new one is not an easy decision. But if you’re asking the question, chances are you’ll be better off making some kind of change. If your house no longer fits your family’s needs, a home renovation might fix the problem, but so could putting your house up for sale and finding another one. No matter what your end game, you should be aware of what updates and improvements will gain you the most returns. Not all improvements are the same.

According to the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com), here is the breakdown of costs and ROI for renovations in the Boise area for midrange and upscale homes:

Midrange Homes for Boise/Mountain Area

PROJECT

     

JOB
COST

RESALE VALUE

COST RECOUPED

 

Attic Insulation (fiberglass)

     

$1,320

$1,233

93.4%

 

Backup Power Generator

     

$12,573

$6,244

49.7%

 

Backyard Patio

     

$50,321

$29,558

58.7%

-

Basement Remodel

     

$67,874

$48,387

71.3%

 

Bathroom Addition

     

$41,510

$21,854

52.6%

 

Bathroom Remodel

     

$17,877

$11,066

61.9%

 

Deck Addition (composite)

     

$16,811

$11,215

66.7%

 

Deck Addition (wood)

     

$10,263

$8,355

81.4%

 

Entry Door Replacement (steel)

     

$1,397

$1,060

75.9%

 

Family Room Addition

     

$86,312

$60,169

69.7%

 

Garage Door Replacement

     

$1,690

$1,309

77.5%

 

Major Kitchen Remodel

     

$60,537

$39,972

66.0%

 

Manufactured Stone Veneer

     

$7,803

$5,807

74.4%

 

Master Suite Addition

     

$115,468

$75,648

65.5%

 

Minor Kitchen Remodel

     

$20,173

$16,091

79.8%

 

Roofing Replacement

     

$19,806

$14,458

73.0%

 

Siding Replacement

     

$14,001

$10,315

73.7%

 

Two-Story Addition

     

$171,036

$127,932

74.8%

 

Universal Design Bathroom

     

$14,956

$9,876

66.0%

-

 

Upscale Homes for Boise/Mountain Area

PROJECT

     

JOB
COST

RESALE VALUE

COST RECOUPED

 

Bathroom Addition

     

$79,106

$53,067

67.1%

 

Bathroom Remodel

     

$58,670

$35,814

61.0%

 

Deck Addition (composite)

     

$38,143

$21,638

56.7%

 

Entry Door Replacement (fiberglass)

     

$3,246

$2,281

70.3%

-

Garage Door Replacement

     

$3,302

$2,629

79.6%

 

Grand Entrance (fiberglass)

     

$8,274

$5,686

68.7%

 

Major Kitchen Remodel

     

$121,311

$76,807

63.3%

 

Master Suite Addition

     

$245,052

$152,907

62.4%

 

Window Replacement (vinyl)

     

$14,995

$11,202

74.7%

 

Window Replacement (wood)

     

$18,420

$13,667

74.2%

 

© 2017 Hanley Wood Media Inc. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com

Keep in mind that if you decide to do a renovation on your house, you will want to find a reputable contractor. Use these tips to understand what you should be looking for:

If you are unhappy with your current house and would like to talk with us about what your options are, give us a call! Templeton Real Estate Group—208.473.2203 or via the web. We offer a free and confidential consultation. And, if you choose to list with us, we offer a complimentary staging service that, combined with our marketing expertise, will sell your house for more. You may not need to spend a lot in improvements to sell…staging may be all you need to make your house shine. We are TOP BOISE REAL ESTATE agents who know Boise real estate.

Come see East Boise and everything that makes it great —Boise River, Boise Greenbelt, and our beautifulBoise Foothills. Whether walking, hiking, jogging, biking, or just appreciating the views, these are Boise gems and treasures of our Valley. And, a large reason why builders like Boise Hunter HomesandBrighton Corporationare developing inHarris Ranch and River Heights with new homes and commercials sites.

Whether you are buying or selling, we will work hard for you and make your experience hassle-free. We want to do such a great job that our clients would never consider hiring anybody else except us if they were in need of real estate services in the future!!

By Bonnie Way Snider

Read More and Source:

http://budgeting.thenest.com/wiser-renovate-buy-new-house-22545.html

http://realtormag.realtor.org/home-and-design/architecture-coach/article/2014/01/stay-put-and-remodel-or-move