Theresa and Doug Riggs love their home. They are one of the millions of Americans who have decided to renovate rather than move.
"We want to be here and be comfortable and have a nice home," Theresa said.
When remodeling, Bankrate says homeowners should consider the return on investment. It's also important to into account the potential stress of a renovation.
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Kari Lindstrom, a realtor who helped the Riggs reach their decision, said they weighed the size of the project and the equity they would gain from it.
"If they're going to live here for any length of time, they can put the money into it, invest a little bit of money into it, and enjoy their home a little bit more while they're still here and not lose a penny," Lindstrom said. "They'll make money."
Lindstrom cautions others about certain projects that won't always be a good return on the investment.
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"You can spend a fortune on new windows, right? But are you going to recoup that 100%? Probably not. HVAC systems as well," she said.
When is it time to buy instead of remodeling? Bankrate says people should consider buying when their wish list just doesn't fit their current home, when they have an opportunity to cash on equity or when the home they find is everything they desire.
Contacting a real estate agent can help you with the pros and cons of each option. For those who decide to renovate, they can lean on the agent for a list of reputable contractors. A good agent will always keep a list of people to call on.
