Empty Nesters: Best to Remodel or Sell?

It is a very bitter sweet moment as we watch our children turn into young adults. Watching them leave our homes to make their place in this big world. Although I have not experienced this yet, my eldest son, Cade, will be the first to leave the nest in a few short years. I too can relate to wanting to stay in the home I raised my children in. The home I watched my girls play dress up in, the backyard that so many boys came to every day of summer to play lacrosse in, the home where so many memories were made and cherished. How could I ever sell that home, leave the home that brought so many memories into our lives?

Memories last forever. But that doesn’t mean you have to live in the past. There’s no need for a 5 bedroom home when it’s just you and your spouse and your children visiting once or twice a year. Or a huge property to maintain that doesn’t see any kids running around utilizing the space. It’s great to remember the old times and to cherish those memories forever…but sometimes it’s the right time to start making new memories in a new home.

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?

Are you living 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 considered multiple factors. Such as, 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 serval things. It could mean combining two bedrooms to make one beautiful master suite. Or changing another bedroom into the massive walk-in closet you’ve always wanted. However, if you live in a neighborhood that attracts young families, you may be undermining the value of your home. Cutting down the number of bedrooms makes it much less desirable to the typical family moving onto your block.

According to a recent study, you’ll 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 new home. One that was built specifically to meet your current lifestyle and desires.

In many cases, this new home will give you what you want in less square footage than your current home.

Bottom Line
If you’re living in a house that no longer fits your needs, consider checking out other homes in your area. A home that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.20170831-share-stm

 

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