To Stay or Go: Whether You Should Remodel or Move
When your home is no longer working out for you, you have several options to improve your living situation. You are likely trying to decide between remodeling or purchasing a new home. There are advantages and disadvantages to both, so you will want to consider your options carefully. One of the biggest factors you will want to consider is cost. Depending on the real estate market where you live, remodeling or moving to a new home may be wiser option, depending on housing and renovation costs. While remodeling may be the way to go for you, you may also want to think about new homes Denver as you make your decision.
Why Remodel
There are many great reasons to remodel your home. Moving can be stressful, and if you are happy where you live, remodeling can give you the house you want without the work of moving. You may have an emotional attachment to your home, especially if you have lived there for a while and have made some great memories there.
If many of the changes you are looking for are cosmetic, such as an updated kitchen or more modern flooring, remodeling might be the better option. These changes are easy to make and you can often do these yourself. It is often much less expensive to make some updates to your current home than to buy a new home altogether.
If you need more space in your current home, then remodeling may be a little more difficult. One of the best ways to decide if a remodel is right for you is to meet with a designer or an architect to go over the floor plan of your home. A professional may be able to see ways to make space that you do not see yourself.
Remodeling can be a great option if you have a lot of equity in your home. You can often borrow against that equity and wind up spending a lot less money than purchasing a new house. You will need to talk with your bank and have your home appraised to see if a home equity loan is right for you.
Why Move to a New Home
There are also many great reasons to move to a new home. After considering a remodel, you may realize that even with significant changes, your house will still not be what you want or need. There may also be outside circumstances, such as issues with your neighborhood or proximity to your work or a better school district that prompt you to move.
Moving into a new home often allows you to get exactly what you want. With a remodel, you may be trying to make the best of your situation rather than really getting the modifications you need. If you are moving to an area with a lot of available real estate, you may have many options when it comes to choosing a new home. If you choose a new construction, you may even be able to make cosmetic decisions, such as wall color and type of floor.
One reason you may decide not to remodel is that the return on your investment with a renovation may be too low. You may need to spend a lot of money to get what you want, but it may not give you much back if you eventually decide to sell. If the remodel adds so much value to your home that you will have to list it for a significantly higher price than other homes in your neighborhood, the remodel is not worth it.
Deciding whether to move or remodel is not an easy decision. You need to think about your current needs and your needs in the future. Make sure to take your budget into consideration and look into both the real estate values and construction costs. With the right research, you can make a decision that will suit both your lifestyle and your wallet.
