To renovate or to buy a new home is one of the hardest decisions you’ll have to make as a homeowner who has outgrown your current home. If you’re having troubles deciding which way to go, here are 5 things you need to consider.
1. The things that bother you about your current home.
There must be a reason why you want to move out to a new home. Is it the traffic, the distance, the lack of space, or something else? Whatever it is, evaluate on whether you can provide a solution by renovating and/or making certain repairs, or if it really is for the best to buy a new home.
2. Talk about your neighborhood.
Some of us are lucky enough to have a home in a neighborhood that suits our every need. It will be hard to relocate, especially if you’ve spent a considerable amount of time in the area. If you’re lucky for the second time, you might chance upon a listing in the same neighborhood. Unfortunately, that doesn’t happen very often.
Are you willing to relocate to someplace new, or will your attachment prove far greater than all the things that are bothering you? Think it through, or talk it out with your family or real estate agent.
3. You and your family’s time frame and needs.
It may be the best decision to renovate or make significant upgrades to accommodate your family’s growing list of needs especially if you’re planning to stay for at least five to ten years. If you’re an empty nester, however, and looking to downsize, remodeling might not be the wisest option.
Discuss with your family and your financial planner. For empty nesters, assess your financial standing. See if you can afford some changes that will suit your lifestyle.
4. Canvass your possible renovation expenses.
You don’t want to close your doors to the possibility of a renovation, especially since it will add to your home’s value. Consult contractors, engineers, designers, or architects regarding what can be done to your current home. They will give you estimate costs for new work, allowing you to gauge whether you can shoulder the expenses or not.
5. Check out homes for sale in your neighborhood.
If you are attached to your neighborhood, explore your options in the area. A house or two might be on sale, who knows? Check these properties out and see whether this home or that will provide a better quality of life for you and your household.
Bear in mind, especially if the listing isn’t a new construction, that you may also have to do some remodeling.
Breaking up is a hard thing to do, especially if it’s with a home you’re deeply attached to. Should you need more advice, contact us today.