You have been in your house for a while now. However your family has either grown out of the home, or the house just doesn’t fit your needs anymore. The big question now is do you remodel or move?
There are several different factors that you need to consider when making this potentially life-changing decision. Not only do you have an emotional attachment to your current home, there is also a large financial investment to occur no matter if you are selling or remodeling.
Bottom line, make sure that whatever option you choose provides you with a good return for your investment and better suits your family’s needs.
Items to Consider if Moving
- Take a look at homes in your desired neighborhood. Can you feasibly obtain what you want within your budget? Are the homes on the market exactly what you want or would you need to renovate them as well?
- Do the math. Realistically look at your budget, understand what you can potentially receive from your current home, and take a look at cost of homes with all your needs checked.
- Take into consideration the intangibles. Your home isn’t in a bubble. Do you love your current neighborhood? School district? Commute time? All these non-financial aspects can play a huge role in the decision making process.
Items to Consider if Remodeling
On the other hand, there are definitely areas to consider when deciding to renovate, add-on, or remodel your existing home.
- Budgetary factors. This is most likely the largest decision making factor. You have to understand how much you are willing to pay for updates and consider how much those updates will increase your home value.
- Are the remodeling projects ultimately going to fix your issues? Take a hard look at the expected results of the remodeling projects and understand if making these changes will directly impact your issues with your current home.
- Check out the neighborhood. Make sure to look into homeowner association guidelines and local home values in comparison to yours to help weigh the benefits of remodeling.
If you are still on the fence about remodeling or selling, hit the numbers hard. Armed with estimations for the remodeling projects and the estimated costs and returns for selling your home, sit down and really crunch the numbers. What is the better investment in the long run?
Beyond the financial consideration, also weigh your emotional connection to your home. Ultimately, you house needs to feel like home, and whether that involves selling your current house or remodeling to improve your home, your comfort level is the most important element of the decision.
Reliable Home Improvement can help ease this decision making process. Contact us for a design consultation for your next remodeling project.