Remodeling Challenges That Make Upsizing An Option

If you’re weighing up the pros and cons of selling your home or remodeling, there’s a temptation to stay in place, shying away from the commitment of finding a new home in a highly active and competitive market.

We’ve worked with many clients who began their home buying journey by remodeling their old home. They had big plans to stay in their home for many more years but pivoted and instead found themselves house hunting.

Remodeling or Upsizing?

Why would they do that after spending so much money on a remodel?

A couple of common themes emerge from their experiences. Firstly, the upgrade didn’t work out as they’d hoped. While it enhanced the property, it didn’t change their enjoyment of it.

Others calculated the value they’d added to their home and decided to cash out, often with impressive results. 

The third group had a less enjoyable experience. After the project was over, they wanted a new home anyway. They didn’t miss out financially, especially with our market performing so strongly, but that wasn’t the plan.

Remodeling comes with its own set of challenges, some stressful. Below,we’ve listed five issues you may encounter if you upgrade. 

Don’t DIY

Unless you’re a qualified contractor, don’t go beyond your skill set. Buyers can tell the difference between a professional and an amateur finish. In the worst cases, the home’s value can be detrimentally affected.

Weakest Link

In this post-Covid era, the supply chain for building materials is difficult with many stories of lumber and other fittings turning up late or being on lengthy backorders. These are issues we face everyday as builders and we order from larger warehouses than just your everyday home improvement store. Your timelines can get thrown out of whack and that can be frustrating. 

Additional Cash

Experienced contractors will tell you to add 10% to 20% onto your budget for any nasty surprises, such as faulty or old wiring, cracked pipes, or rotten joists. Putting cash aside is smart but adds to the potential expense.

Red Tape

Your local authority will be particular about its building regulations and take its time approving your proposal. Neighbors are often asked for their feedback on your plan, which can add another frustrating step to the process.

Poor Workmanship

You must hire contractors with the appropriate licenses. If you neglect this, you walk a risky path. Think carefully before accepting the lowest quote and beginning a remodel. Instead, once you have your three quotes, also think about the viability of upsizing instead.

0 comments on “Remodeling Challenges That Make Upsizing An Option

Leave a Reply

Your email address will not be published. Required fields are marked *