Home Remodeling or Moving?
Home remodeling or moving is often the question, if you have lived in your home for more than a few years, you may be facing the same tough decision that many others are facing. Your home may no longer be functional for your needs, and its style may be outdated by now. You may be wondering if you should move into a new home that is more suitable for your current needs and sense of style or if you should remodel your existing space. There are pros and cons to both, and each person will need to make their own decision based on budget, desires, the market and more. When you are making your decision, consider these points.
One of the top considerations to factor into your decision-making process is the community where you currently live. You may have friends and neighbors there, and you may have feel established. It can be difficult to start over in a new community. Of course, you can also move into a different home in the same community that more closely meets your current needs.
Your Current Property
You also should consider your current property to determine if remodeling or renovations are even an option. For example, if your home is too small for your needs and you do not have space on the lot to build out or upward, moving may be the best option available.
You also may consider your budget for the home remodeling project as well as for the move. This will require you to work with contractors, real estate agents and others to price out both options. Keep in mind the hotel time you may have to pay for if you remodel as well as moving expenses if you relocate. Both options can be costly, but you may find that one is considerably more advantageous for you than the other depending on your situation.
Your Long-Term Plans
Finally, think about your long-term plans. Are you trying to pay off your mortgage for retirement? Do you plan to downsize in a few years after the kids are grown? Will you have children in the next few years by starting a family? Your new home plans should accommodate your plans for the short-term as well as the long-term.
Real Estate Market Conditions
Depending on market conditions, selling your home might not be the best decision. For example, circumstances might create a buyers’ market—favoring home buyers due to high inventory. In this case, you might not be able to recover money and labor spent to update and remodel your home. On the other hand, the market might indicate a seller’s market—favoring the seller due to high demand and limited options for the buyer, ultimately getting you the most value for your property. Regardless of market conditions, finding your current home value is the first step in the evaluation process.
Home Remodeling and moving are both time-intensive and expensive projects, and you do not want to make a hasty decision. Spend time reflecting on each of these points carefully, so that you make the right decision for yourself and your family.
Mona Koussa and her team have helped many homeowners like you making the decision to remodel or move. For free consultation contact Mona Koussa today.