If your current home no longer meets your needs, you are faced with the decision to make improvements or shop for a new home. There are pros and cons to both options. Consider these points to help you decide whether to renovate or relocate.
Reasons to Renovate or Relocate
Before making a decision to buy a new home or tackle major home improvements, take a look at the reasons you need a change. Perhaps your family is growing. It could be that you’re working from home full-time and would like an office space. Is an elderly family member moving in with you? Maybe you’re finally ready to build your dream kitchen.
Whatever the reason, it’s important to understand why you’re considering relocating or renovating your home. If you need to add an additional room or two, do you have enough land to allow the expansion? Can your current home be renovated to meet your changing needs?
What Will it Cost?
When making a decision to renovate or relocate, look at the costs involved with each choice. If you decide to purchase a new home, you’ll be responsible for escrow costs, paying the home inspector, making a downpayment, and moving expenses.
You’ll also want to budget for making improvements and repairs to your current home before listing the property on the market. Your real estate agent will recommend projects that boost curb appeal so that you’ll get the most out of your home when selling.
If you decide to stay put and renovate your home, request at least three quotes on the job. Budget for building permits, material costs, and paying your contractor. You’ll also want to look at the possibility of taking time off work and/or a short-term rental if the construction is going to be a major disruption to your household.
Consider Your Current Neighborhood When Deciding to Renovate or Relocate
When deciding whether to upgrade your current home or purchase a new one, consider your attachment to your neighborhood. Do your children have close friends who live across the street? Or maybe they have outgrown the kids in the neighborhood and are ready for a new adventure. Look at the proximity to your child’s school, the family doctor, and your favorite stores and restaurants.
If you decide that you enjoy your current neighborhood, this could be a major factor in choosing to stay in your home. On the other hand, if your friends down the street moved away a few years ago and a new shopping center is causing chaos with traffic patterns, a new home in a quieter area could be right for you.