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Important Holiday Notice

The Federal Reserve and American National Bank will be closed on Monday, November 11 in observance of Veterans Day.

Please keep in mind that ACH transactions cannot settle on Monday, November 11th.

To ensure payment by Friday, November 8th, your ACH entries should be processed through iBank on Thursday, November 7th, and dated for November 8th. We recommend that you transmit the ACH information prior to 9:30 AM.

Any transactions initiated on Friday, November 8th, will not settle until Tuesday, November 12th.

American National Bank

5 Questions to Ask When Deciding to Remodel or Resell

Oct, 24, 2019

Remodeling is costly and doesn’t always have the return on investment homeowners expect. Mortgage expert David Wetig shares his tips for deciding whether you should renovate or start over and move somewhere new.

Five questions someone should ask themselves before making the decision to invest money into remodeling their residence or making the choice to purchase a different home:

  1. What is the purpose of remodeling?  Is it to increase the value of the home, or because it’s not functioning in a way to meet your needs, or maybe you think it’s dated and needs a current look? There are numerous reasons why someone would pursue a remodel but you should understand why you’re making the investment.
  2. How long do you plan to stay in the home? If you plan to sell soon, you may want to minimize the costs and only spend what’s needed for preparing the home to go on the market. It’s highly unlikely you’ll get a 100% return on your investment. However, if you have no plans to ever sell, then feel free to invest what you feel is necessary to make the home fit your needs and tastes.
  3. How much do I have available to spend?  Know how much you can spend. Set a budget for yourself and stick to it. Ideally, if you anticipate renovations you would like to do in the future, do the research ahead of time to know the approximate costs and then plan your savings strategy accordingly.  Also, consider if there are things you can salvage in order to reduce the costs. For instance, you might be able to repaint your kitchen cabinets to freshen up the room instead of replacing them.
  4. Are there any parts of the renovation project you can realistically do yourself? Labor costs significantly impact the cost of any remodel or renovation project. If there are certain parts of the project that you can complete yourself, it can be a tremendous savings. Be honest with yourself, though, if it’s outside your area of expertise, have it professionally done. It’s more important that it’s done right than to end up spending money later to have someone fix your work.
  5. How emotionally invested are you in your current home? The idea of buying a move-in-ready home with the features you want and need could end up being a better financial decision versus the cost of renovating your current home, however, you may have developed a lot of great memories in your home. Maybe you raised your kids there, maybe the neighborhood is a great fit and provides easy access to other amenities, or maybe you’ve developed great friendships. Is the thought of starting over someplace new worth the financial effort?

Ultimately, the decision to remodel your current residence or to buy a new home is a personal decision based on your current circumstances.  You should weigh the pros and cons of both and think about not only the short term gain of remodeling or moving, but also whether you have a long term vision of where you eventually see yourself.

To read David Wetig's full article with Strictly Business, click here