There’s no single checklist to help you decide whether to relocate or remodel your current home. Every homeowner faces a dilemma with different needs, expectations, and circumstances that require their consideration. Nevertheless, this checklist can help you determine whether it’s time to move or remodel your current home.
The Need for Change
Do you feel like you need a change of environment, or you’re comfortable upgrading your current home? Depending on your answer, you can determine whether to fix your existing home through a remodeling project or relocate somewhere else. However, consider all trade-offs carefully. That’s because you can make some changes to your current home and restore your satisfaction with it. Also, you can skip some factors that may lead to more losses by moving out of your existing home.
Your Long-term Goals
A current issue could be the motive for remodeling or moving. However, think about the effects of your decision over the long term. For instance, your existing home could be suitable for your lifestyle and career. Also, you might need additional space as you start your family or your children reach adolescence and need to move out. Ideally, think about your finances and home life. You may have an easy time justifying the need to move out if your income has increased. However, if your equity in your current home is high, you may borrow against it to lower the cost of its renovation project.
The Housing Market Outlook
Moving and remodeling can be disruptive and costly. However, each option has a unique comparative impact. Considering a home outside your neighborhood can diminish the moving appeal unless you start over in a new place. However, suppose you believe that local housing demand is increasing and you like the current neighborhood. In that case, a major remodel can enhance the resale value in the long term to a point where you’ll recoup the investment when moving later.
These are crucial considerations when deciding to move out or remodel a home. Nevertheless, take your time to determine which option suits you better because every homeowner has unique needs and circumstances.