Moving: A good local real estate agent should be able to assist you with estimates on these numbers.

• How much will it cost to purchase a home that will meet your needs?
• How much could you sell your existing home for? (Don’t forget to subtract the agent’s commission from this total.)
• What will it cost to move?
• How much will your property taxes increase as a result of the move?

Remodeling:

• What projects do you want to have done and how much will they cost? An architect or general contractor will be able to assist you with these figures.
• How much will the improvements add to the value of your home, also known as the “payback”? (A local real estate agent can assist with this as well.)

If you choose to remodel, then you’ll need to have a clear idea of what you want to accomplish before finalizing any details. One of the most expensive things you can do is change the project midstream. A contractor and/or architect will help you focus, plan, estimate and complete the project within budget and in a timely manner. Make sure to hire reputable companies who provide quality services.

If you decide to move, then there are low-cost improvements you can make to your existing home that will help it to sell more quickly. The kitchen and the bathrooms provide the biggest return on investment in this area.

Whether you decide to remodel or buy a new home, it’s important to ensure that you have proper financing in place prior to moving forward. If you decide to purchase a home, a licensed mortgage originator will help you to determine how much you can afford, as well as which loan package works best with your overall financial plan. In the case of remodeling, you should meet with a mortgage professional before any construction takes place. Otherwise you may severely limit the type of financing options available to you.

Did you know effective July 1, 2010 - mortgage originators must be licensed in the state of Arizona? There are educational requirements and background checks so make sure that you work with a state licensed professional. Contact MyGuy today to learn more about our recommended mortgage originator.