You’re at a crossroads. You know your house doesn’t quite suit your needs anymore. But should you find a new home, or renovate the one you’ve got? While there’s no obvious answer to this question, here’s what you should consider when making your decision.
How much will it cost? How will you fund it?
When trying to decide whether it’s better to remodel or move, the financial costs and how to fund those are a key issue. Do you have enough resources to make the needed renovations? If not, financing those renovations through equity in your home or through a construction loan might be an option.
Before talking to a lender, it might be a good idea to discover the potential costs of your renovation. After you have received 2 or 3 bids, talk to a lender to discover your options. A lender can also help walk you through the option of buying a new home at that time so you can compare your options.
If you need assistance finding a knowledgeable lender in these areas, let us know. We work with some great lenders that offer both programs. Click here to contact us.
How long will renovating take?
If you haven’t done any serious renovations recently, you may have forgotten just how long they can take. And if you’re remodeling a central room like a kitchen, it can seriously cramp your style for weeks or months on end. Do you have the patience to live in your home while it’s being remodeled? If not, can you afford to relocate while the renovations are taking place?
Do you like your neighborhood?
Even if your home isn’t exactly what you need, how do you like your neighborhood? Being in a great location has a huge effect on your well being. Do you have great neighbors or live in an excellent school district? Are you willing to take a gamble on those things in a new house? If you really love your corner of the world, it could make sense to renovate your current home instead of looking for a new one.
Can you use your current home in a new way?
Sometimes it just takes a little imagination to make your current home suit your needs. Have you let clutter pile up over the years? If you do a major cleaning, you may discover that you have more room than you thought. Can you turn that guest bedroom into a much-needed office space? Or maybe you can invest in some new furniture that fits the space better and doesn’t make it feel so cramped? Sometimes, all you need to do is look at your home with a new set of eyes to see the possibilities.
Will renovations add value?
Lastly, it’s smart to consider whether or not those renovations will actually add value to your home. Sometimes your home is perfect as it is, even if it isn’t exactly what you want. If you find that your renovations will suddenly make your home the biggest and best on the block, that isn’t always a good thing. You can over-improve your house to the point where it may be difficult to sell down the line.
What are the alternatives?
Before you do anything, it might be a good idea to tour some some homes for sale. It could provide you with the options available to you on the open market, But if nothing else, it could provide you with some inspiration as you walk through the possibilities with your own home.
Ultimately, you will need to take into consideration both financial and emotional factors when deciding whether or not to sell or renovate. Asking yourself the above questions should help to provide you with some clarity.
Whether you are strongly leaning towards renovating or buying, give us a call. We are happy to walk you through your due diligence with no obligations either way. Click here to contact us.
