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Renovate or Rebuild?
November 6th, 2013 10:20 AM

It is common knowledge that there is a shortage of inventory homes for sale now,  with some existing homes getting older in many areas, now competing with the resumption of new construction.  So many homeowners will need to decide what types of remodeling is needed, how extensive renovation should be, and whether or not a home is old enough to simply need "rebuilt."  

Some existing homes only 15 to 20 years old, are now in need of upgraded kitchens or bathrooms, which add substantially to the value of the home.  Some need exterior upgrades or additions, such as an extra bath, to bring the home up to current standards.  Even the addition of a closed Florida room converted from an open lanai,  with windows and A/C, will add to the square footage and value.  

Making a decision to rebuild or renovate depends on the current condition of the property, as well as the location.  It is important to gather costs and time frames involved with several honest contractors and make sure that you know what you really want and whether or not you can afford it.  Always compare other homes in the same subdivision or community so that your home is not "overimproved."   This poses a risk of potential loss of the cost of renovations when it is time to sell.

Maintaining a home consistently  will assure that major renovations can be kept to a minimum and the value will remain stable.  Staggering the improvements or additions over several years will also help to keep a home competitive with new ones that come on the market.  


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Posted by Barbara Doeringer on November 6th, 2013 10:20 AMPost a Comment

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