It’s a tale as old as time: You want to move, but your partner wants to stay put (or vice versa). Or maybe you’re both unsatisfied with your current home. Is it in your best interest to remodel, or worth the investment of building new or moving? And how does your wish list of home renovations stack up against buying your dream home?
Look no further than HGTV’s hit TV show Love It or List It for inspiration that might help you decide whether you should stay or go. Of course, there’s no one-size-fits-all approach. Everyone’s situation is unique, but answering a few simple questions might help you narrow down your goals:
- Do you love where you currently live?
- Are you at a stage in your life where you’re ready to tackle a potentially long project?
- Is it a good time for you to move?
- Are you looking to save some money?
Last but not least, what would show hosts Hilary Farr and David Visentin do?
LOVE IT (RENOVATE or UPGRADE)
Hilary, the show’s resident interior designer, would encourage you to stay in your existing home with an enticing array of redesign options. If you’re looking to save money, a home upgrade might be the route for you (still pricey, but a heck of a lot cheaper than moving or building from the ground up). Plus, remodeling will give you the custom look you’ve always wanted. But of course, there will likely be numerous challenges to overcome. If you’re Team Hilary, you’re more than up for the challenge. And whatever makes Hilary’s job harder makes David happy.
Start with a vision. Outline your wants, needs and overall goals for your renovation. Referring back to this original plan can help you make product selections and keep you on budget as the process continues.
Set your budget. If your wish list is longer than a kid’s at Christmas, you’ll definitely have to prioritize which projects are most important to you. The best bang for your buck is usually found in the kitchen and bathrooms. Be sure to factor in building materials, labor and permits, and remember to reserve 10-20% to help cover any unexpected costs that might pop up.
Communicate. Designers and remodeling experts can produce stunning work, but one thing they can’t do? Read your mind. Be honest with your design team and contractors to make sure everyone’s on the same page, and issues can be cleared up right away if they arise.
Make arrangements for the construction phase. You’ll likely be living in a construction zone for a while, depending on the scope of your project. Be sure to have a construction-free space for the family to unwind, or plan to spend some time in a hotel or with local friends.
PRO TIP: WORTHWHILE UPGRADES Looking to sell your home for top dollar? From landscaping and outdoor upgrades to bathroom and kitchen remodels, we outlined the top five improvements that’ll add serious value to your space in our Summer 2021 Pathfinder issue.
LIST IT (BUY NEW or BUILD)
David, the Love It or List It real estate pro, would be quick to find some options in your budget range (well, if you’ve watched the show, maybe not so much in budget …), with all the extra perks you’re looking for.
Although David would say Hilary did the best she could with what she was working with, it’s time to list it. Be careful, though. Even if you find a home that checks all your boxes or you’re ready to build, make sure you’re ready to unpack all the financial and emotional elements before you upgrade.
Set your budget. Do you see how sticking to a budget is a theme here? Not only are you setting a budget for the amount of house you can afford, you should also be aware of potentially higher property taxes and the higher costs of moving to or building in a more valuable neighborhood.
Know your must-haves. It’s important to know the difference between what you need and what would be nice to have. For example, if you have a large dog and three kids, you probably need a spacious backyard and plenty of bedrooms, but you could do without a third garage stall. Or, if you need to be closer to your office, the perfect home with a 45-minute commute might be out of the question. Building new? Discuss your non-negotiables with your spouse up front so everyone’s on the same page when it comes to the important decisions.
Choose finishes before breaking ground. The National Association of Home Builders says interior finishes take the biggest chunk out of your total building budget. If you think about it, all that carpentry and trim throughout your house really adds up. It might be tedious but taking the time at the start of the project to go over your options and categorize them by quality and price will help you discover where you can save and where you can splurge — and not blow your whole budget.
Make arrangements to sell your home. Before you list, you should go through your home and make any cosmetic repairs and basic updates to make the property more appealing to potential buyers. It’s amazing what a fresh coat of paint and a little landscaping TLC can do for curb appeal.
So, the question is – are you going to love it? Or are you going to list it?
MARK YOUR CALENDAR | HOME SHOWS
- Feb. 18-20 | The Iowa City Area HBA Home Show - Coralville, IA
- Mar. 11-13 | Home Builders Association of Des Moines Home & Remodeling Show - Des Moines, IA