One of the hardest questions you will ever ask yourself is whether you should remodel your house or move to a new one. Our lives are always changing, and so are our homes. Your home may have at one point been filled with a lot of laughter and children, and now all the kids are grown up and off to college. Now your house feels big and empty, or your family might have grown much bigger over the years, and you’re now considering moving to a bigger home or renovating your current home. This guide seeks to help you decide which, between moving or renovation your current home, is the best course of action.
1. Can You Afford It?
The first question to ask yourself is whether you have the funds for a renovation or moving to a new property. You can’t start a project and leave it halfway, which is what would happen if you ran out of funds. Start by breaking that piggy bank, know how much you have, and then push through with the project, or get a loan from one of the many lenders angling for your attention.
Write everything you want in your home down. Doing this will help you review what you can remodel and can’t. Do you want to fix a leak in your roof or wiring problems? Perhaps you need an additional room or bathroom for those hectic mornings or a patio or deck to entertain guests outside.
To make big changes to your home, consider the financial implications of moving and remodeling before making that huge step. For instance, consider solid wood furniture when picking furniture for your renovations. It’s known to last for about 10- 15 years before it starts cracking, aging, or fading, saving you money. Although people have different financial abilities, one rule to keep in mind when remodeling is never to make renovations that are disproportionate to the value of your home.
2. Do You Love Your Current Location?
Do you love where you currently live? Is it a good neighborhood? If you are considering moving or buying a new home, ask yourself if you can afford to move to a new home or build a new one where you live. If the answer is no, consider remodeling. Moving to a new home is stressful. Very few life events are more stressful than moving, divorce and death being the exceptions, according to MYMOVE LLC. Renovating your current home might be the best thing you need if you want a change.
3. Seek Professional help
If you aren’t an expert in the homes or renovations business, having a professional walk this journey with you might save you time and money on a renovation that should never have started or a move that could have been avoided. According to The Zebra, you can have the home of your dreams without having to move by investing in custom remodeling services. A creative contractor can see setbacks and opportunities you would have missed
With the right professional by your side, you could have the home of your dreams in the location of your dreams. Additionally, they can help you seek or collect the right paperwork, as some renovations may require permits or other legal documentation. Do you want to move into a new house, build a new one, or renovate an old one? These are all complicated things to consider, but perhaps the following questions will help you decide.
What’s your current home equity?
How well is the current real estate market doing?
What are the financial implications of moving or renovating?
Is moving even possible?
Can you wait for a new home to be built?
Is my family going to expand in the future?
Whether you’re considering moving to a new place or renovation of an old one, the two most important things to consider are if you can afford it and whether your family is comfortable in the new home. You might want to increase the value of your property and sell it in the future, but you also don’t want your family to feel like they are living in a showroom in your current business venture. There are many good reasons to want to renovate your home, but don’t overlook your family’s comfort and yours.
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