If you are currently in the need for more living space or you are tired of your outdated home, it’s a tough decision to know if you should spend the money to remodel, or if you should altogether move to a new house and location. If you are dealing with this tough decision, here are some factors to take into account:
• What changes do you need and what changed do you want? Make two separate lists, first the “changes needed” list, and research how much these changes will cost in renovation. If you still have savings left after considering these costs, move onto the “changes wanted” list.
• If you cannot figure out a way to renovate your home to make these changes possible, or if the cost is much higher than you expected, consider moving. Though the cost of moving is substantial, you also receive a revenue from selling your house. With a renovation, it’s money out of your pocket now, and no return investment, although a renovation might help increase the sale of your home in the future.
• How much do you enjoy your location? If you need a larger home, but you absolutely love your neighbors, your children’s schools or your quick commute to work, you might want to add onto your existing home. Don’t give up everything you love for the sake of extra space.
• According to an article from bobvila.com, many houses provide the space that is needed, but are just configured incorrectly. Walk through each room and consider how you could rearrange furniture or purchase new furniture in order to utilize the room better. For an improved judgment, ask an outside family member or friend.
• With remodeling or add-ons, once you receive a cost estimate from construction firms, contact a lender if you will need a loan. Will you want to move in the near future? Taking out a loan now might postpone future move plans if you have too many loan payments at once.
All in all, here are the considerations that it should come down to:
• Remodeling considerations: How much of your personal time will need to go into this project? How long will the whole process take? Is the weather suitable enough for this project to be completed in a timely manner? Will the noise of construction and inopportune walls being knocked down distract you from your work done at home? Do you have space to add onto your home, and will you mind space from your yard disappearing? Will you need extra air conditioners, water heaters, etc. to fill the added space? Will the upgrade add to the value of your house? When it’s all said and done, is the outcome worth the price and time?
• Moving considerations: Would a new layout benefit you more than the one you have? Could you still commute to work from a new location? Are there good schools, convenience stores, etc. in the new area? Is the price doable? Can you afford the higher taxes that go with a larger home? Is your house in a condition to sell? Is your credit in well enough condition to receive a loan? Is every family member on the same page with moving? Do you have the time that goes into cleaning up the home, decluttering, hosting open houses, packing up and unpacking somewhere new?
If you’re still torn, consult with a construction firm to find out a cost estimate for remodeling. Then, figure out the market value of your home and what type of new house you could afford, and visit www.BuyOwner.com to shop around, and attend open houses. It might be easier to start with a new layout, and plan your new extra space accordingly. Though it’s a hard and complicated decision to make initially, no matter which choice you make, the end result should suit your needs perfectly.