REMODEL OR MOVE? MOVE OR REMODEL? HOW TO CHOOSE WHAT’S RIGHT FOR YOU!
With the real estate market in full swing and new life blossoming all around us, some homeowners may be getting the itch to add some new things to their homes. As families continue to grow, some may be feeling a little cramped in their current spaces. Empty-nesters may be feeling like their family-sized home is just getting to be too much to handle. Still, others may have aging relatives living with them and their special needs may not be easily accommodated. Finally, some homeowners may have been eyeing a few upgrades that they’re ready to install!
With all of these changes, homeowners are faced with several decisions. Is it time for a few renovations to accommodate changing lifestyles or changing tastes? Would it best to pack up and move into a home that is already equipped to meet new needs?
Decisions. Decisions. Decisions! Unfortunately, when it comes to deciding whether remodeling or moving is the best choice for a homeowner, there is no clear-cut answer. Each homeowner is different and so is the right choice for them! But, homeowners can arrive at their best choice by evaluating a few of the same things:
Your Current Home
When you take a look at your current home, you may be able to quickly decide whether to remodel or move. Ask yourself whether your home’s layout can support a remodel or if you even have enough room to add on. Will the structure of your current home allow for an addition? If you’ve answered no to any of these questions, contact your real estate agent and prepare for a move! Oh, if only it were that easy.
Your Financial Situation
When deciding whether to remodel or move, of course your financial situation is a huge factor. Consider the costs of your planned remodel and the costs associated with selling your home and buying a new one.
Secure a few estimates for your remodeling project from reliable contactors in your area. But, also consider how upgrades may or may not increase the value of your home. Don’t forget to compare your new value with the value of similar homes in your area, remembering that when it does come time to sell, it is not always best to be the most expensive house on the block. It is also a good idea to pad your remodeling projections a bit, in case of any additional costs along the way.
There are some unavoidable up-front costs in buying a home (read: closing costs). However, you may be in a position to make money on selling your current home, which could cover those costs. A real estate agent can do a comparative market analysis on your existing home and any new prospects. Whether you remodel or move, your property taxes are probably going to change, too; so, don’t forget to account for how that could affect your finances.
Your Emotional Attachment
In addition to all of your personal belongings, your current home is also filled with the memories that you’ve made there. Are you ready to close that chapter of your life to move on and make new memories? Would making a few changes allow you to continue to make memories in your current home? Do you even care? Don’t forget that along with those home memories are your feelings about your neighborhood, school district, commute and local amenities. Moving may mean that all of those things would change, too.
Finally, consider your feelings on remodeling. It can be messy and time-consuming. After all, you’re at the mercy of your contractor’s schedule and they will be turning your home into a construction zone, despite how non-invasive you think it may be.
Current Market Conditions
If you’ve surveyed your current home, gone over your financial situation and addressed your feelings about remodeling and moving, but you’re still as confused as can be, consider contacting a trusted real estate agent who can help you take a look at the big picture. They’ll be able to advise you on current market conditions, provide a comparative market analysis and help estimate how long it may take to sell your current home.
Ready to get the remodel-or-move decision-making process started? Contact Toby for some professional assistance today.