Empty Nesters: Best to Remodel or Time to Sell?

Is your family home suddenly way too big?  Are you losing each other in all the empty rooms?  What about downsizing up north and buying yourself a second home in our sunny Paradise?  Many of my customers have seen their children through college and are now able to start thinking of themselves and their retirement.  Do you really want to spend your retirement winters in the dull and dreary north?  How about days at the beach and golfing during the winter months?  We have it all here for you and our prices are excellent at the moment.  Why not take a trip down to our wonderful Paradise now all the hurricane damage is cleared up and find your winter dream home?

Courtesy of Keeping Current Matters 2017

Empty Nesters: Best to Remodel or Time to Sell? | MyKCM

 

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:

  1. Remodel your house to fit your current lifestyle and needs
  2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that 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 major consideration 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 makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).

Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically 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.

And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.

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 desires.

In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.

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 hassle of remodeling your current house.

Remember it is always toasty in Naples and you deserve to spend your retirement in the sun!  Call me today and let’s start looking for your winter home.

Comments are closed.