Trying to decide between moving and remodeling is not an easy task. Both options come with their fair share of financial stressors and headaches. This week, we’ve outlined some questions to ask yourself when making this big decision.
What Do I Need in Terms of Space?
Renovating can only do so much to accommodate a growing family. Consider your need for more space when deciding between moving and adding a house. Will the additions you have in mind add value to your home? How long will you need to accommodate a growing family? If you’re just starting a family, you’re looking at a long-term need for extra space, and moving may be a better investment. Consider talking to both a contractor and a real estate agent to calculate the costs of each option.
How Will Your Commute Change?
Choosing to relocate may affect your commute, for the better or worse. A shorter commute will add more time in the day for exercise, family time, and fun and will generally increase your quality of life. Be very wary of relocating to a home that could significantly increase the time you spend getting to and from work each day. Is your current home close to work and ideal for your schedule? That could signify that you should stay where you are and renovate.
What Can You Afford?
You should sit down with an accountant and determine which option makes the most financial sense. For example, moving is a clear choice if you’re looking to downsize. However, if you have the stability to put money into your house and increase its value, renovating is makes a lot of sense.
Are the Local Schools Good?
Another aspect of location is your proximity to schools. If your children are in an excellent school system where they are safe, happy, and challenged, it may be best to renovate your current home. Unfortunately, a good school system is not always easy to come by. If your current neighborhood is dangerous and lacks access to a good school system, you should consider moving to a location with better educational opportunities for your children.
How Hard Will it be to Leave Your Current Home?
There is always a level of emotional attachment to a home.
If you live in a family home passed down through generations or even your first home, you may find it difficult to move. Renovating is a great way to keep the home you love while adjusting to your current needs. If you find yourself tired of your existing home and constantly browsing Zillow, it may be a sign that you’re ready to move on.
Choosing whether to move or remodel is a complicated decision that requires a lot of thought. Weighing out all of your options and seeking the opinion of professionals will make it easier. Consider talking to both a contractor and a real estate agent to calculate the costs of each option. Have questions about remodeling? Contact us today!