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Remodel Or Buy A New Home?
With home prices and interest rates dropping to historical lows, we are seeing more and more people trying to decide whether to buy a new home or remodel their current home. Homeowners come to us needing more space for a growing family or desiring home features that their current home just doesn’t have.
This question is more pertinent than ever this year. Home prices are dropping, meaning that although you will not get top dollar for your home, you are almost guaranteed a good deal on the new house.
Mortgage companies are reporting interest rates that are below 4 percent, after the Federal Reserve said it will back mortgage-related bonds. On the remodeling side, those same low interest rates apply to refinancing your mortgage for a remodel.
In addition, many contractors are feeling the pinch and are ready to make better deals for people.
Hiring an architect can also help you make your decision. An architect can draw a plan for you, and you can use that plan to then help you determine the actual cost of remodeling an existing home.
A good plan will also help you on how to set the parameters of your project so you can control the cost of remodeling before construction begins.
We recommend homeowners faced with the moving or remodeling question also consult with real estate agents. A Bedlam Realty Team real estate agent can help determine the value of your current home and the value cap for the area in which your home is located. You don’t want to put a lot of money into a home, and make your home the biggest most expensive home in the neighborhood. The smaller homes around you will bring your value down, making it harder to recoup your cost of construction.
We can show you what is available to buy and estimate the cost of another home with your wish list of features. There may be good enough deals available that may cost you less than the cost of a remodel.
It is also important to remember the “hidden” costs of remodeling. Beyond the basic cost of construction, additional remodeling costs to be considered include architectural design fees, structural engineering fees, demolition costs, permit fees, the possibility of unforeseen conditions (such as needing to replace old wiring or plumbing), and the cost of additional furniture and window coverings for the new space.
Also, home remodeling can be messy and noisy and force you to live without a certain part of your house during the remodeling process.
Finally, weigh the emotional costs. Are you willing to give up your current location, neighbors, schools and local congregation in order to move? Or would you rather deal with the inconvenience of remodeling?
Whatever you decide, remember to be wise in the decision process. Consult as many professionals as you can. Visit with an architect, a real estate agent and loan officer. Now is definitely a great time for low interest rates and competitive contractor bids if you decide to remodel.
If you’d like more information on what your home is currently worth, and a free market value report,
contact us at 918-274-HOME.
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Why Should You Price Your Home Correctly?
There are many reasons why you should price your home correctly.
As illustrated in the diagram above, the higher your home is priced above market value (the average sales price for your neighborhood), the smaller the percentage of people who will make time to view your home.
Some sellers make the mistake of starting high with their sales price, so they can “have room to negotiate.”
The problem with that is by pricing your home too high to begin with, you are preventing some people from ever seeing your home. If they are searching for a certain price range, and your home is listed above their range, they may not ever consider your home.
A better strategy would be to list your home at a price that is at or just below market value. Rather than starting high and leaving yourself room to negotiate, start lower and be firm on your price. You will get more people to look at your home and ideally create a bidding war with multiple offers on your home.
We have seen many times where a home priced correctly will get multiple offers and can sometimes even sell for more than the original asking price, because a buyer doesn’t want to lose the house to a regular full price offer.
Keep this chart in mind when selling your home. It can help you determine how many people you can miss out on if you don’t price your home correctly. If you would like to know the current value of your home, or have any other questions please feel free to contact us at 918-274-Home.
Homes Reduced By 30%
The real secret to real estate is no secret at all. You make money when you BUY a home, not when you sell it.
You’re shopping for a new home, and want the very best deal possible, right?
The best way to insure your great deal is to get as much equity in your home when you BUY it.
At The Bedlam Team at Chinowth & Cohen Realtors, we are happy to help you get a great deal by sending you an updated list of homes that have been reduced by 30% or more.
We can customize your list based on the areas you are looking for. We can send you a list of homes in Tulsa, Owasso, Jenks, Broken Arrow or any other area you are most interested in.
With that much equity in your new home, you can bet that when you decide to sell your home, you are more likely to make a good profit.
Whether you’re planning on living in your new home for two years or twenty years, we want to help you get the very best deal you can. Call us today at 918-274-HOME or email us at info@bedlamrealty.com.
Chinowth & Cohen Texting Tool Helps Sellers
Gone are the days of driving by a home, opening the flyer box, only to realize that the flyers are gone, or have been so badly damaged by the weather that they are illegible. There is a new way to get home information without having to leave your car.
Chinowth & Cohen has a great texting program that helps both sellers and buyers alike. For sellers, they don’t have to worry about constantly running out of flyers. Color copies can be very expensive and replacing them due to a bad rain storm can be costly.
For buyers, the program works great. They can text CCHOMES to 59559 and receive information about the home they are parked in front of. The system works because it recognizes your location via GPS and will send you lots of details about the home. In addition, you will also receive information about the nearest five homes that are listed for sale.
Now you are able to get the property information you need wherever you are, whenever you want. You’re able to connect with agents to schedule a showing if you’re interested in seeing the home. The texting program gives you real-time listing updates as you move!
It includes ALL of the listings in the MLS and is updated daily. If you haven’t tried it yet, I urge you to use this new tool that will make your home search easier.
And remember, if you’re looking to buy or sell a home please consider using The Bedlam Team.
918-274-HOME
New Listing: 412 South Birch Street Owasso, OK 74055
New Listing in Owasso Schools!
412 South Birch Street Owasso, OK 74055
Cash Only Investment Propoerty
3 Bedrooms, 1 Bath, 1 Car Garage Home
1,227 Square Feet
$47,500
Great ARV (After Repair Value) for Section 8 rental investment
Call Mario to schedule a showing at 918-261-0622
mario@bedlamrealty.com
