Tips to Decide Whether to Remodel Your Home or Move

Everyone loves their home, but if you think that your home no longer accommodates you, it might be time to move or renovate.  If you are confused about whether to upgrade your existing house or buy a new one, the following factors might help you to make the right choice:

Will it be convenient for you to Move?

If you love the area you are living in, it can be difficult for you to move to a new place. If the kids’ school is in your locality and your office is also nearby, you will prefer not to shift to a new house in another neighborhood. Your convenience matters, so it’s better to stay at a place which offers you maximum convenience.

Do you Love your Home?

Before making a decision, think about your connection with your home and the surrounding area. If you think that you will miss your home terribly, go with your heart and don’t plan to move somewhere else.  Your emotional attachment with your home will decide whether you stay or go.  Consult home improvement contractors to know about the possible upgrades that will help to increase the functionality of your home.

Can you add an Extra Space?

In most cases, people renovate their homes to increase the size of their homes. If there is enough room to expand your home, you can go ahead with the renovation.  If you have a single storey home, consider adding another floor to it. If you have three spacious bedrooms, you can reconfigure them into four bedrooms. But, if there is not enough space and building codes are limiting your remodel, it may be better to find a new home.

Will Moving Save you Money?

Your budget will decide whether you should move or not. Home renovation can be really expensive. Contact a number of home remodeling contractors to get rough estimates for your home renovation project based on your current and future needs. Also, you need to decide how you are going to finance your home renovation. If you don’t have enough savings, you will need a home equity line of credit or a bank loan.

After calculating the renovation costs, compare them with the moving costs. From shipping costs of your household goods to furnishing costs of a new house, a lot of expenses are involved in moving to a new home.  If moving will cost you less than renovating your existing home, it might be a good idea to start looking for a new home.

Will Renovation Increase the Value of Your Home?

Compare the value of your home with the other houses in your neighborhood. If a remodel can bring more value to your home, then this could be a good investment. But, if your house already has a great value, some renovations may not make any major difference to the value of your home.So, check around and see what renovations can add the most value to your home projects. But keep in mind which ones can add to your overall expenses going up – like electric, heating and especially taxes!

You may also face restrictions from your local building or zoning department on improving your home.  You can contact your town officials to get a home-improvement guideline. If these renovation rules restrict you from adding extra square footage to your home, moving to a new home may be the better decision. Especially if the move gets you the things you need.