Tempe is a community that presents great options for home owners. Because it's a rapidly growing part of the Phoenix metropolitan area there is an interesting mix of homes, older homes and new housing developments.
As much as we'd like to believe we can find the perfect home, there really isn't such a thing. Every home has some flaws, and some have great features. The choice for many buyers is whether to fix the flaws of a home, find another older home that has fewer problems, or move into a new home that has the features they like.
The great thing about Tempe is a community with its own unique culture. Of course that overall feeling is an important part of whether you want to stay in a home. The neighborhood and community are some of the driving factors for keeping home owners in their home and contemplating making renovations or remodel plans.
So what should you consider when it comes time to make the decision about moving to a new home in Tempe or remodeling your existing home? There are several key factors.
Can you afford to remodel? Depending on what type of modifications you are planning, it can be quite expensive. Whether it's remodeling kitchens or baths, you can plan to easily spend tens of thousands of dollars, if not more. If you are planning major remodeling such as adding a family room, building a master bedroom suite, or expanding outwards, you can easily expect to spend close to a hundred thousand dollars. You also have to have a reserve budget for when the project goes over the estimated cost, as it certainly will.
What do love about your current home? Do you love the neighborhood, the schools, or the convenience of where you live? If you do, and you are certain you can't find something you love just as much in another location, then remodeling may make sense for you.
Have you considered what you'll lose or gain by selling? Sometimes you know that if you move to another neighborhood your property will appreciate at a higher level than your previous home. It's a no brainer, your house is an important part of your investment portfolio, then it makes sense to move. Of course, there are costs associated with selling your home and buying another: you can expect to pay 7% of the sales price of your home in fees and closing costs. You also have to consider that you will be stepping back in terms of your mortgage. You will be adding more time to your mortgage repayment, so you'll be paying less principle and more interest.
Tempe has lots of opportunities to find a great home, one that can work for you now and in the future.
Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.
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