It’s a gorgeous morning and you are sitting in your kitchen with freshly brewed cup of coffee. As you are looking around thinking about what the day holds, it hits you as you stare at the piled up coats in the foyer from lack of storage space, that your home no longer fits your needs. The incessant amounts of clutter makes it undeniable something needs to change. The time has come to make a decision that will inevitably effect your bank account, should you remodel or move. This is a giant decision. Breath. Take a step back and evaluate your entire situation, both financially and emotionally.
You may want to remodel if:
- Remodeling allows you to customize your home to meet your needs and desires. The only similar, but much more costly alternative, is to have a brand new custom home designed and built.
- Remodeling means that you don’t have to give up a familiar neighborhood and schools. These are factors that are hard to find in one place, in conjunction with you dream home. So if you have them and they are important in how you view your home and lifestyle it makes sense to stay.
- Remodeling is a more efficient use of your financial resources. According to the American Homeowner Foundation, selling your home and moving typically costs about 8-10% of the value of your current home. And much of this goes into moving expenses, closing costs, and broker commissions – items that have no direct impact on your home’s quality.
- You enjoy it. Some people really like the process of watching their ideas come to life. While stressful, it can be a very rewarding experience.
- You’re going to stay in your home for many more years. Then not only do you get to enjoy the revived spaces, you also benefit from the investment when you decide to sell your home eventually.
- Your overall floor plan is functional and meets your needs.
Remember, sometimes a remodel isn’t possible or practical for your home. As far as improving the sale of your home, all remodeling projects are not created equal. It may price your house out of your neighborhood. A rule of thumb is that any remodeling project that brings your home up to the level of your neighbors is a worthy investment. Also consider that you may have lot or neighborhood restrictions that prevent expansion.
There are a number of scenarios that make a remodel impractical, but a properly planned, remodel can transform the space in your home to meet your needs.
Take your time, do your research and weigh your options. Factor in moving expenses, time your house will be under construction, resale value, neighborhood, how long you will be living in your house, will moving to a new house still require maintenance construction, and what home would truly make you happy.
Be realistic make a list of pros and cons of both moving and remodeling. Then find a balance between enjoyment and investment to help steer your remodel or move decision.
