By Living Room Realty, May 27, 2021
I talked with Kara Mack on Afternoon Live today about whether people should buy a new house or remodel the one they have. It’s worth diving into a little bit because home prices, building materials, and contractor prices are all up this year. Below are some things to consider. To watch the 5 minute clip, click here
- Get honest about what really doesn’t work about your current house.
- Enough space
- Outdated
- Location
- If a remodel could work, get estimates
- Costs of some building materials have increased exponentially over the past year (lumber)
- Demand for remodel has gone up, contractors are busy, and their time is worth more than a year ago as well.
- Determine a realistic timeline- most materials are coming late.
- Planning to Buy
- Home prices in the Portland area are up 17% from a year ago. For a $500k house, that’s $85k more
- Since 2/3’s of houses sell in the first week, you will have to compete
- You may have to be willing to pay more than the appraiser says it’s worth, so make sure you’re planning to live there for a while
If you decide to remodel your current home, check out some tips on Hiring Great Contractors
