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How can I decide if it is better to remodel my existing home or buy a new one?
(02.09.02) Ask your REALTOR®! Remodeling projects can involve money that will not be recaptured when you sell. It depends on a number of factors including the quality of materials and workmanship, the degree of integration between the old and new parts of the home, and the universality of the improvements made. The most common mistake people make is to improve a home beyond the values in the neighborhood. Remodeling projects that are unique or create dysfunction in the floor plan can also be expensive errors. In general, kitchens, baths, and family room additions or finishing basements are safe projects as long as the investment does not exceed the highest values in the neighborhood. Once you have established the cost of a planned project, you might want to call your REALTOR® and ask to see homes in the price range you would be in. It's a reality check that could save you money!
Disclaimer: These answers are in general terms and may vary with specific factual circumstances.
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