Remodel or Relocate. Which is Right for You?

At a certain point, almost every homeowner faces a choice. Maybe your family has grown, your work-from-home business has blown up, or your house simply doesn't have space for the lifestyle you want. Whatever the reason, your current home no longer meets your needs, so it's time to decide whether you should remodel or relocate. Our real estate agentsare here to help with that choice.

1. List Your Home Improvement Goals
   It's important to establish exactly why your home no longer meets your needs, and determine what improvements you would haveto make. Make a list of all the updates, add-ons and upgrades you want, whether it's extra bedrooms and bathrooms, a remodeled kitchen, more storage space, or any other features you need your home to have. Eventually, this list will be useful to determine the cost of making the necessary changes.
2. Check Out Your Local Market
   There are many reasons you might choose to move rather than remodel, but it's important to look it the situation from a practical, financial standpoint. That starts by looking at your local real estate market and determining how much you might be able to get if you were to sell your house. Talk to your real estate agent about comparing recent sales of homes similar to yours in your neighborhood to see where you stand.
3. Weigh the Costs of Remodeling
   Talk to a contractor to figure out how much it would cost to remodel your current home to meet your needs. By laying out a realistic budget, you will have a better idea of whether it makes better financial sense to add on or move. Remodeling generally makes the most sense when you need to make only minor adjustments, but if your home needs major costly upgrades (like adding on new rooms) then moving may be the better financial decision.
4. Decide How Attached You Are
   Moving to a new home isn't a purely financial decision. It's an emotional decision too, especially if you've lived in your current home for a long time, and have grown attached to it. You may not want to give up on a house that your family has grown up in. On the other hand, you may see your current home as a burden you need to get out from under, and remodeling might not be enough to make it the house you really want. Either way, you'll need to get a good handle on whether your heart tells you to stay or go.
5. Consider the Time Factor
   Remodeling a house doesn't happen overnight. Selling a home and buying a new one takes time too, but it's important to decide whether you want to live in a house that's under construction for months or more. It might be worth it, but you may also prefer to simply pack up and move rather than spending that much time living in a construction zone.
6. Think About the Neighborhood
   When you buy a new home, you're essentially buying a new neighborhood too. Think about whether your house meets your needs; but also consider whether your neighborhood does the same. If you love your current location, that's a sign that you should lean toward remodeling. But if you can see yourself living in better surroundings, maybe it's time to start thinking about moving.

Contact us today to learn more about whether you should add on to your new home, or start looking for your dream home elsewhere. When you're ready to start the home search process, our team of dedicated real estate agents is here to help every step of the way.