What once was your dream home is now getting old. Maybe you have grown out of it or you just need something new. That means it’s time to figure out your next move – should you buy a new house or renovate your current one?
There’s a lot to consider when it comes to making this decision. That’s why we’ve outlined some of the key factors you’ll need to take into account when choosing the path that’s best for you. Plus, our Loan Originators are ready to help you with decisions like these, so you don’t have to figure it out on your own.
Are You Attached to Your Current Home?
The first thing you should consider is the sentimental value of your home. Are you emotionally attached to this house? You should even consider things the location, your neighbors, the proximity to loved ones.
Do You Need More Space?
Are you finding that you need more room in your home? Consider if it’s an increase in square footage that you need or simply a different layout. Sometimes changing up the layout without adding square footage can make the difference you’re looking for.
Is It Something Only a Move Can Fix?
Sometimes you’re looking for a change because of problems a remodel can’t fix. If you need more land, you need to get away from your neighbors, or the location just isn’t right anymore, that could mean remodeling isn’t an option.
So, What Are the Pros and Cons?
Pros of Moving
The advantages of moving include being able to move to a new location entirely. This means you can choose a spot that better suits your need for more physical space, closer proximity to other locations like work or loved ones, or other physical advantages. Another advantage of moving is that you can upgrade or get the changes you’re looking for without having to deal with the stresses of construction or working with contractors.
Cons of Moving
The disadvantages of moving involve the higher cost of moving, the fact that you might not get exactly what you want compared to renovating to your exact specifications, and the fact that you may need to leave the area you might be fond of.
Pros of Remodeling
The biggest advantage of remodeling is that you can ultimately achieve exactly what you’re looking for. You get to remodel your home however you like so you can make the specific changes you’re looking for. Remodeling rather than moving also means that, if you like the neighborhood or physical location you’re in, you don’t have to lose that. Plus, you can avoid the higher costs and the stress of moving.
Cons of Remodeling
The downside to renovating or remodeling is the stress and energy that can come along with planning and implementing a remodel. Not to mention the possibility of having to live in a construction site, depending on the nature of your remodel. The other major downside to remodeling is the fact that the costs can be unpredictable. Unexpected or surprise costs are likely to emerge in any remodeling project, making your budget higher than planned.
How to Decide What to Do
There are some other big factors that come into play when deciding whether to remodel or sell. You’ll need to consider the financial details and implications of the decision. Do you have a great deal on a new house? How much equity do you have on your current house and what can you do with it? A Loan Originator can help you work through your options and decide what’s best for your specific situation. Overall, the biggest things you want to consider are your housing goals for the next ten years and your finances. That means considering your lifestyle, how it will change in the future, and what that will mean for your needs in a home.
To get help understanding your situation and determining what your best option is, contact us today. Our Loan Originators are looking forward to guiding you through the process and helping you achieve your goals.