Tustin: Remodel or Move?
In the Saddleback Valley News last week, there was an advice column called “Ask a Realtor.” The realtor was Jim Flynn; the question was “Should I add on or buy a bigger home?” Forgive me, but I can’t find an electronic version of the publication, so here goes my quick summary from Fynn’s response:
Ask what Flynn calls the “Big Six” questions to help make a decision:
- How much money do you actually have available in your current home (i.e. equity and current saleable price)?
- How much more space do you really need/want?
- Is your lot big enough to expand?
- If you can’t expand out, can you expand up (foundation support second floor)?
- Any issues with local zoning/building ordinances?
- Are there affordable properties currently on the market that fit your needs?
While I tip my hat to Flynn for breaking down a very difficult question into an easy approach that is simple and logical, there are a couple things that I would add. And they are…
- If you found a house that you want to buy that meets your needs, can you sell your house for what you want? Will you have enough for a down payment and qualify for a loan?
- If you remodeled, would you be making your house “the best” on the block? You don’t want to be the most expensive house in your neighborhood… brings down your overall property price and makes resale more difficult; and you probably won’t get as good a return on your dollars spent as if you were fixing up your home to meet neighborhood standards of a desirable neighborhood.
- Are there any benefits to moving/staying put besides what the house has to offer (commuting distance to work, kids happy in school, close to shopping/entertainment centers or parks, etc.)?
So, if you live in Tustin, should you remodel or buy another home? I can’t answer any of the questions about your current home, but here are some good deals that I would guess would be a move up for most growing families. They’ve all had recent price reductions and are prime for the picking.
1391 Bryan, Tustin 92705; 4 bed/3 bath; 2,259 sq ft house; 3,053 sq ft lot; listed at $605,000 (down from $634,000)
14661 Westfall Rd, Tustin 92780; 5 bed/4 bath; 2,332 sq ft house; 7,800 sq ft lot; listed at $609,000 (down from $649,000)
17671 Norwood Park Pl, Tustin 92780; 4 bed/3 bath; 2,950 sq ft house; 10,125 sq ft lot; listed at $824,999 (down from $975,000)
