Are you having a hard time deciding on whether to remodel your old house or move? The decision on whether to remodel or move houses depends on several factors. Here’s a checklist that will help you make the right decision.
Are you emotionally attached to the house?
Emotions play a significant role in the decision to remodel or move. If you have an emotional attachment to the house, it would be best to remodel it. If you get the remodeling right, the home’s aesthetics and functionality will significantly improve.
What’s your current and anticipated lifestyle?
Both your current and future lifestyle will influence your decision. If your kids are about to finish college and start living on their own, you may not need a bigger house. A simple renovation project to enhance your home’s functionality and comfort would be an ideal option.
What’s your financial situation?
Both moving and remodeling can be very expensive. Before you settle for either option, be sure you have sufficient finances. If you decide to borrow, make sure you can pay for your dream home in the long term.
Is your home in a seller’s market?
If your home is in a seller’s market, it would be better to take advantage of it. If your home’s value has appreciated significantly over the years, it would be a good idea to sell it and purchase a better house than to remodel. However, be sure to confirm the market situation with an experienced real estate agent before you make a final decision.
How easy or complicated would remodeling be?
Consider how large the gap is between what you currently have and what you are looking for. If it is massive, undertaking an enormous remodeling project may not be worth it. You should think about renovations costs, the amount of time the remodeling project would take, and whether you plan to stay in the house during the remodeling.
When you answer these questions diligently, you’ll have an easier time deciding on whether to remodel or look for a new home.