After a few years or decades in your home, you may discover it no longer meets your needs. When that is the case, you have two options. You can move and find a new home that meets your needs or remodel your existing home so it fits your needs. Both options have pros and cons so there is a lot to consider when you are making your decision. Here are four questions to ask yourself before you decide.
1. Is your location good or bad? If the location doesn’t work for you, that can’t be changed. In this case, moving is the option that will fix this problem.
2. What about the size of your home? Do you want significantly more or less space? If you want less space, it’s time to move. If you want more space, you could add on to your home if your lot has enough space for that, your restrictions allow it and you have the money to do so. If adding on isn’t an option, moving is again the best choice.
3. Beyond the location and if you like the place you are, do you like the area and feel comfortable in it? Did you buy your home 20 years ago and perhaps the neighborhood has had a lot of homes added and it is no longer the quiet neighborhood it once was? This is another thing that can’t be changed without moving. On the flipside, you may adore your location. It is very easy to grow attached to neighbors and your daily routine from where you live. If you love WHERE you live but don’t love the house anymore, a remodel might can help your house better meet your needs so you will love it as much as your neighbors.
4. Are you looking for a home that will allow you to age-in-place? You may have lived in your home for 20-30 years but still love it. However, if all the bedrooms are upstairs, it may not be the place for you to grow old. Maybe you have a rarely used dining room or study that would make a great master suite. A remodel job may give you another 15-20 years in the home you love.
It’s important to think about this decision from multiple directions. Think about the financial aspect. Will a remodel cost so much that you will never recover anywhere near what you put into it? Remodeling can also be stressful. Are you up for the stress? Do you have the savings or are you willing to take out a loan for the changes you want to make? Can you remodel everything you want to at once or will you need to do it in stages so you can still live there? There are so many things to consider. Anytime you are thinking about real estate decisions, feel free to call us to answer any questions you have.