At Home in Edmond At Home in Edmond Spring 2016 : Page 10

Page 10 At Home In Edmond Spring 2016 A SPECIAL PUBLICATION OF EDMOND LIFE & LEISURE Cvz!ofx!ps!sfopwbuf Most families at some point reach a difficult real estate crossroads: Do they renovate an existing home to fit their current needs, or do they go out and buy another house that Ray Hibbard already meets their needs? I totally understand the question having gone through that process in 2003. We made the call to purchase a newer and bigger home but this is a question with no one-size-fits-all answer. Location of your home, what condi-tion it is in and your budget are big con-siderations. The good news about your home investment in Edmond is that the market has stayed solid even through some difficult economic times. We don’t see large spikes in home values but that also means we don’t see giant dips in slower times as well. For example, medi-an home value in Edmond was up 3.4% last year and is expected to be up 3.2% for 2016 according to one source. Here are eight questions to ask your-self when deciding whether to renovate your existing house or find a new home. 1. Can you renovate within the cur-rent footprint? Renovating within the home’s existing footprint generally costs 50 percent less, says Cannon Christian, president of Renovation Realty in San Diego, which handles renovations for homeowners who are selling their homes. That may not be the case here in Edmond but a qualified contractor could tell you. 2. Do you want to live through a ren-ovation? Renovations cause dust, noise and disruption for weeks or even months, and they always take longer than the ini-tial contractor’s estimate. 3. Can you legally do the renovations you want? The City of Edmond and your homeowner’s association can have some pretty stiff rules about what can be done. You often need preapproval. 4. Does the renovation make sense for your home’s value? Putting a $100,000 kitchen into a $150,000 home never makes sense, but updating a 1970’s kitchen with new cabinets and counter-tops probably does. 5. How does your home compare with others in your neighborhood? If an addi-tion will make your home much larger than others in the neighborhood, it may add less value. 6. Is your home structurally up to the renovation you want? Not all houses can support a second story, for example. Or, if you want to move walls, you may find the project also will require new support beams or concrete footers. 7. Will renovating one section of your home bring to light other sections that need work? A bathroom renovation, for example, could reveal old plumbing that needs to be replaced. 8. How long do you plan to live in the house? If you’re in a two-bedroom house and plan to have three children, consider whether even the expanded house will be a good fit in the long run. The great news for you our readers of At Home in Edmond is that the magazine is full of qualified and reputable advertis-ers who can help you make the call. I encourage you to contact any of them and ask the tough questions. They will be honest and forthcoming with you even if it costs them business. Most are good friends of mine and have done work on one or more of my houses. Best Regards, Ray Hibbard Publisher Edmond Life & Leisure PUBLISHER Ray Hibbard EDITOR Sharon Schad CONTRIBUTING WRITERS Rose Drebes Aubree Hughes Mallory Nagle Anne Schmidt Kacee Van Horn Cris Price GRAPHIC DESIGNERS Robby R. Harris, Jr. Sharon Schad PHOTOGRAPHER Anne Schmidt ADVERTISING Melissa Bake Account Executive Alexx Harms Account Executive For information on advertising in A T H OME IN E DMOND call 405.340.3311 READER SERVICES Address 107 South Broadway Edmond OK 73034 Phone 405.340.3311 Fax 405.340.3384 WEBSITE AND SOCIAL MEDIA

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