Move or Remodel: SIU Credit Union Can Help

Solving the move-or-remodel dilemma starts by answering hard questions about money, social relations, life stage, and the future. It’s hard to find unbiased advice, says Dan Fritschen, who runs the website remodelormove.com. “The industry doesn’t make it easy to talk to experts and get real numbers. A good real estate agent should be able to discuss both moving and remodeling, but it’s difficult to get someone to talk through the options.”

The financial decision starts with a comparison of the total cost of moving and remodeling. Most sales start with some expenses for sprucing up the old place.

Experts ballpark moving costs at about 15% of the price of the new home, but this varies widely. Selling the house yourself can save the real estate agent’s commission.

Don’t get trapped by choosing the most expensive remodel. Cutting options without cutting corners will bring the best value.

After remodeling, you may need to wait many years to recover your expense. Each neighborhood has a ceiling price that will limit your sales price, no matter how fancy your remodel.

SIU Credit Union offers a Home Equity Loan that saves you money with low fixed and adjustable interest rates.

The ideal solution for each family must reflect its values and requirements. Surprisingly, “The financial side is harder for people to digest” than the emotional side, Fritschen says. “I push, tell people they need to be cognizant of both.”

The biggest mistake, he concludes, “is not fully understanding and considering all your needs.”

SIU Credit Union can help regardless of your decision. If you’re looking to remodel your home, or move to a new one, we can get the ball rolling. Stop by or call us today at 800-449-7301.