So you are asking yourself “Should I move or remodel?” Are there things about your home you’d like to change? Have you outgrown your space? Maybe you’d love an additional bedroom or bathroom. Or a home office. Has the kitchen layout been an issue?
What if the problem exists outside? Perhaps you live on a busy street with traffic noise, there’s a long commute to work, or you have nosy neighbors.
What’s the best solution to your problem? Should you knock down interior walls or add a tall fence? Is it better to sell your house and start fresh? Consider these points to make the right choice for you and your family.
Research the Market
Before you make any decisions, do some research. How is the real estate market in your area? Are homes selling quickly and/or for a good price? Will you get the amount you’re hoping for? If you can’t answer these questions, it’s best to contact a professional and get a home estimate. Consider asking several realtors for their input before putting a For Sale sign in the yard.
What’s the Issue With Your House?
Make a list of what you’d like to change in your house. Is it too cluttered? Are there not enough bedrooms? Is it a structural problem like a cracked foundation or a leaky roof? Or is the problem something you can’t fix within the house – like noise? Understanding the real issues will help you determine the best solution.
Understand the Economics: Compare Your Home with Others in Area
Is your house about the same size as the others nearby? Is it more modest? Or is it the largest and most expensive house on the block? Adding on a master bedroom suite or large family room may price you out of the neighborhood. Understanding the economics of the area will also help you decide whether to remodel or sell.
Will Remodeling Be a Permanent Fix?
Will making changes to your home allow you to stay for another ten years? Or is it just a temporary solution? Don’t put the time, effort, and money into a remodeling project if it only helps to solve the problem for a little while. On the other hand, if you move, will you live there for at least seven years? There’s no sense going to another location if you’ll end up relocating again in a couple of years. A career that includes moving to a new city on a regular basis may also influence your decision to remodel.
Will you be adding a child to your family? Will elderly parents be joining you at some point? Do you get along with your neighbors? Would you like your home to have a bigger yard? A master bedroom suite on the first floor? How are the schools in your area? If the upcoming changes in your life cannot be managed by a few changes in your home, it may be best to find another house, no matter how much you love the neighborhood.
What are Your Goals?
What is your goal? Are you selling in a few years and want to make a reasonable profit? Are you trying to make your home more comfortable and fit your lifestyle? What room(s) are you looking to renovate? Do you have a basement or attic space you could finish? If it can be remodeled easily, it might be best to stay where you are.
Selling or Renovating?
If your renovation project would be a massive undertaking or if your current location doesn’t work, you might be better off finding a new home. Find a real estate agent and get their opinion as well.
On the other hand, if you love your neighborhood, schools, and other amenities, you may have a difficult time finding those elsewhere. If a few changes can make your residence more livable for the next seven to ten years and you don’t mind the temporary inconvenience of a remodeling project, you should consider staying put. But first, make a realistic budget and timeline and hire a reputable builder or remodeling contractor.
Ultimately, the choice is yours. But consider these suggestions before making your final decision.
Turnkey Homes LLC is featured as a home builder and remodeling contractor every week on Builders Showcase Television in the Fox Cities area on NBC 26.