The question every homeowner will face someday is, “will I remodel or sell and buy?” Hundreds of studies have been made on the subject.
But no one has the perfect answer. The biggest mistake of all is to do a major remodel, that may cost tens or even hundreds of thousands of dollars and find the problems are uncorrectable. No remodel can correct location, lot size, deteriorating neighborhood, under performing schools, etc.
Because of the expense, adding large living areas, a bathroom or even a new kitchen may not add enough value, if you later decide to sell. This is the reason a decision to remodel or sell and buy needs to be made before a major remodel.
I always say when you start looking at homes for sale, it is almost certain you will end up buying, even if your wife does say, “I am not interested in moving I just want to look”. A friend recently told me while accompanying his wife to “just look”, and adamantly opposed to moving, “you just don’t know me!” Guess what! Today he owns a beautiful new home and as usual he lost. One of the most dangerous things a man can do in life is accompany his wife on a ‘just look tour of homes’.
I know everyone is not the same, but my experience has taught me, when I remodel it is just a warm-up to a move. It has also taught me that you seldom recoup all the money you spent remodeling. And last, it has taught me in the end start packing!
On the Local Scene
The former WOODALL’S FURNITURE STORE 900 E. Georgia, Ruston has sold for $371,333. The 12,690 sf building sold for $29.26 psf.
The WAREHOUSE/OFFICE BUILDINGS at 607 Jonesboro Road, West Monroe has sold for $400,000. The 25,120 sf facility sold for $15.92 psf.
Bill Roark is a Commercial Associate Broker at Tri State Properties and may be contacted by email to email@example.com.