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Remodel or Buy

Personal Insights: Remodel or Buy Another Home?

My husband and I have recently finished a mammoth 2-year remodel project on our home and when asked, “Was it worth it?”  Well…

The journey had presented many interesting challenges that required an extraordinary amount of patience.

First, we were confronted about whether we should sell our existing home or should we simply move into another home in a higher price range. We had zero interest with making a lateral move. We chose the remodel route. Not because we thought the process was easier than simply selling and moving into a brand new home, but rather, we are part of the real estate business and have quite a few connections in the subcontractor industry who could help make our design choices come in to fruition.

Like many who are faced with similar questions about remodeling or buying another home, concerns about financial profitability were forefront on our minds. My husband went overboard with excel spreadsheets, outlining many scenarios about profitability. No matter the direction, we empirically knew the calculated costs were going to stretch our budgets.

Nonetheless, our story transcended the spreadsheet numbers. Our story was about making change — the kind of change that brings life — the kind of change that breaks the monotonous chains of stagnancy — the kind of change that brings color to the black and white realities of living. Frankly, we were ready for change.

Profoundly speaking, we found ourselves in the very same place that we’ve seen many of our other clients have experienced who are navigating through different seasons of life. While we were juggling the numbers to justify the remodeling expense, we also wrestled between adding value to our home versus adding perceived value to our life.

For us, we wanted to accomplish both objectives. Being part of the real estate industry, we are well aware of the importance of making upgrades to our home. In the long run, this process usually brings increased value to the home. And secondly, we wanted to bring value to our life through having the home remodeled. We desired simplification, organization, and bringing peace from the past years of moving a million miles an hour through leadership, work and raising our family.

The remodeling process itself did not bring life into our lives in a warm and fuzzy way. Rather, it challenged parts of our marriage like a blowtorch refining silver. It certainly would’ve been much easier to buy another place and move into a turnkey home without the hassles of remodeling. Yet for us, looking back at the process through the lens of hindsight, our perseverance through the remodeling process improved aspects of our marriage and our home.

It helped to give us long-term vision and objectives during our season of transition. Long-term wise, we know holding onto our home for three years or more will likely provide a higher selling value. But most importantly for us, we appreciate the love we put into the home. It’s as though our efforts to make our home environment better helped in some measure to deal with some inner issues within our own lives. In a way, I would describe parts of the remodeling process as healing.

So, do I recommend that you remodel your own home instead of buying another home? Simply, it is a personal decision for you and how you feel called to live out your life story. Because of our experiences, I’d be more than happy to sit down with you to discuss the best direction that you’d like to take — remodel or to buy another home?

By: Cherise Selley

Colorado Springs Realtors-Selley Group Real Estate-Cherise Selley