We’ve all been there. After shelling out big bucks on one single purchase, a wave of remorse hits, indicating that perhaps you should have contemplated your recent transaction more thoroughly. Most items can (fortunately) be returned, but what happens when you devote most of your savings toward something that has no exchange policy whatsoever?
Like any other procurement, home purchases are vulnerable to deferred regret. In fact, over half of all homeowners today feel remorseful over their current home or the process they went through to get it, according to a recent Trulia survey. One-third (33 percent) wish they had chosen something more spacious while a lesser segment (9 percent) feel guilty they didn’t select a smaller home. Over a quarter of all homeowners regret their remodeling decisions, whether going overboard or completely skipping renovations altogether.
Homeowners unhappy in their current residence have two remedies worth contemplating: remodel the current house or move to a new place in the same neighborhood. Consider how the primary two methods of eliminating buyer’s remorse theoretically score for Mesa-area homeowners.
Remodeling Your Phoenix Home
Your renovation choice largely depends on which aspects of your home disappoint you the most. That doesn’t mean you should overlook the importance of resale value. Bathroom and kitchen renovations typically have a positive impact on your home’s price point no matter the location. In the Phoenix metro area specifically, projects that are more likely to generate strong returns include attic insulation (179 percent ROI), basement remodels (84.3 percent ROI), manufactured stone veneer (88.7 percent ROI), and minor kitchen remodels (85.2 percent). Not only do these projects have the potential to satisfy many homeowners’ need for a change, but the initial investment will most likely generate a home price boost down the road.
Moving in the Phoenix Metro
Remodeling costs vary considerably depending on the size of the project, but home prices in the greater Phoenix metro area are also on the rise, making the costs of moving too steep for some. For example, the Gilbert real estate market has been on a steady climb since prices bottomed out in 2012, thanks to the lingering effects of the recession. The median sales price is now $275,000, up from $199,000 just five years ago. Home prices in the Phoenix metro jumped significantly over the past year alone, particularly in the communities of Camelback East (up 7.3 percent), Paradise Valley (up 8.9 percent) and Ahwatukee Foothills (up 7.1 percent). Such progress ordinarily benefits sellers, but homeowners looking to relocate to the same neighborhood might have a difficult time finding a new home within budget. Plus, low housing inventory and highly competitive home buying conditions makes finding your dream home even more problematic.
Rather than relocating and risking lost ROI, homeowners can update their abodes to suit their lifestyle needs to a tee. In addition to the concepts listed above, check out MK Remodeling & Design’s portfolio of past home design projects that could bring a better sense of comfort and harmony to your current residence. To speak with a Mesa remodeling expert, contact MK Remodeling & Design today.
About the author: This post was written by Jennifer Riner of Trulia. To read more about some of the statistics cited in this post, check out Trulia’s blog.
