Move Or Remodel?

[Epistaxis]

I find myself in a desirable but tricky situation.

Recently we paid off our mortgage. We are now living debt free, the first time in my adult life.

Our home is 17 years old, and has not been updated in the big areas, kitchen and bathrooms.

At this point, the wife is deciding between remodel or just move.

At first, I was kinda mad. We are now on the plus side of all income gained. Time to make some hay!

Plus, we have small kids...read, they destroy stuff. Not maliciously or intentionally, it's just that they are kids.

So to me, that says let them wreck this place and maybe we move in 5 or 10 years.

But where will the market be then?

Wife is thinking this is the time to get a dreamy home at drastically reduced rates.

Fine, but our home is also going to be drastically reduced upon sale.

Remodel of a kitchen with 2 small kids will suck donkey.

The bathrooms, not such a big deal since we can use one of the others, but kinda inconvenient.

Dunno.

I am of the opinion that unless the PERFECT place comes up, we should just enjoy being debt free and stay put.

I think she is leaning towards getting a new place.

Ugh. Great. Another mortgage.

The money is good right now, but since we are both in healthcare and salaries are only going down, I wonder if moving is such a good idea.

Not sure what to do.

[Inimicus]

Remodel.

We just remodeled a kitchen, a den, a bathroom, and a deck/outdoor space.

No new place has ever be nearly as satisfying as the feeling I get standing in spaces we rebuilt to exactly the way we wanted them.

[davos]

If the location is do-able for you get some work done and stay there for a bit longer. It'll pay off in 5 years+ methinks, plus saves you the hassle of moving and ditto to what Imicus said

[Iceberg Slim]

No offense, but is your wife crazy, sounds like something my wife would want to do, perhaps they are friends???? Your mortgage is paid for and she wants to go out and get another one.......sheesh....re-model man.

[MadHatter]

Remodel.

We just remodeled a kitchen, a den, a bathroom, and a deck/outdoor space.

No new place has ever be nearly as satisfying as the feeling I get standing in spaces we rebuilt to exactly the way we wanted them.

This^^

If you love your house's layout, neighborhood, etc.. then remodel. You get things exactly the way you want them.

If she wants to upgrade the neighborhood as well, you may be in for a move.

[Epistaxis]

Good points guys.

Our location is very nice, can't get much better.

The issue with the remodel is, the kitchen space down to the studs does not lend itself to much in the way of the new, fancy, large, place where everybody congregates type of thing.

She wants the bigass island with a sink on it with the large eating area. Not really doable with current physical plant.

I get where she is coming from, since if we sink any dough in to a remodel, if we sell and the market stays roughly the same, we aren't gonna get that money back on a sale.

I did the basement as it was unfinished, and that does zilch for our resale.

[Mrs Pantherfan]

Definitely remodel!

I'd only move if it were a lack of space issue. Yes the time it takes to do everything will be a royal pain in the ass..but worth it in the end...

what I wouldn't give to not have a mortgage payment!!!

make it how you want it!! this is your chance to do it

[MadHatter]

Good points guys.

Our location is very nice, can't get much better.

The issue with the remodel is, the kitchen space down to the studs does not lend itself to much in the way of the new, fancy, large, place where everybody congregates type of thing.

She wants the bigass island with a sink on it with the large eating area. Not really doable with current physical plant.

I get where she is coming from, since if we sink any dough in to a remodel, if we sell and the market stays roughly the same, we aren't gonna get that money back on a sale.

I did the basement as it was unfinished, and that does zilch for our resale.

You usually get about 60% of remodel spend back for kitchens and baths....less for everything else.

[Epistaxis]

Usually MH, but our neighbor is the queen of realty.

She is basically saying that remodel of kitchens and baths isn't doing much for resale value in our areas these days, and I can see it.

Everybody has the kitchens with granite, fancy appliances, etc.

If we do that, it will only bring us up to the deflated current MV.

Dunno. Selling now and using what we get as down payment might make sense, but I'm hoping for in a couple years so we can make some further hay towards down payment.

But ONLY if the perfect new place comes up.

[Inimicus]

You usually get about 60% of remodel spend back for kitchens and baths....less for everything else.

I think 60% is a little low dude.

Everything Ive seen puts kitchens in the 80-90% range. The bigger the remodel the lower on that scale you land but its way better than 60%.

[mmmbeans]

so you're going to sell in a crappy market to buy in a crappy market?

can you rent your place out?

[Epistaxis]

so you're going to sell in a crappy market to buy in a crappy market?

can you rent your place out?

Zero market for rentals around here.

Yeah, we'll get squeezed, but in the segment we are looking to get into, people are foreclosing and dropping price like crazy.

[Scrumtrilescent]

I think remodeling a kitchen is less troublesome than having to move two kids <10 yo to a new house, school, neighborhood, etc.

[Mrs Pantherfan]

Do you love where you are..location..schools..all that good stuff...do you love your house enough to be there for a long time? You're soo flippin' lucky to not have a mortgage....Make your house the way you want it..you're gonna be there for awhile..don't worry about market resale honestly.I mean, yes it's important.but do what you want and what you're gonna be happy with. Can you make your kitchen bigger with doing an add on or knocking out a wall??