Home Buying in 21532>Question Details

Bigosfan, Home Owner in 21532

We are close to retirement andonly owe 5 years of mortgage on our curent house. Is it better to remodel or sell and buy?

Asked by Bigosfan, 21532 Tue Nov 29, 2011

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Dear Bigosfan,

Great question. The first question is would you be happier in your current home if you renovated it? If you chose to sell and buy again, there are additional costs involved which would not apply to renovating your home. For example, there are selling costs such as real estate commissions and title transfer. Then there are closing costs to buy a new home.

If you choose to relocate to a less expensive area, the annual savings could make it worth the move. You could save money on real estate taxes, state income taxes, sales tax and daily services. You could downsize and buy a newer home with less maintenance. If you choose to renovate, I highly recommend you join Angie's List so you can find the best contractors in your area.

Hope that helps :)

Margie Casey, Founder
1 vote Thank Flag Link Tue Nov 29, 2011
Sit down with your spouse and discuss where you want to live. Do you want to stay in the same area? If so look at what house cost that have the features you are looking for. Are they in a location you like? What will the mortgage and taxes cost you if you bought it? Then see what the cost of the renovations you would like to do cost, but only if you like your current location.
With this you both can make a decision that is right for you.
0 votes Thank Flag Link Tue Nov 29, 2011
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