Photo: © scyther5 - iStockphoto
Maybe your house was the perfect size when you first moved in, but as your family expanded you've since outgrown the space. Regardless of the reasons your home is no longer ideal, you now have two choices: remodel or move. Consider the following important points to help you make a decision.
Is Your Location Desirable?
If you live in a neighborhood with a great sense of community and you've settled into the area, then moving would uproot you from your community ties, but perhaps you would benefit in other ways. For example, if you've changed jobs and your new commute time is significant, then living closer to your workplace would give you a better quality of life. Another factor to always consider about a neighborhood is the crime rate. Everyone wants a stylish, functional home, but it's more important that it's in a safe neighborhood.
Is Your Home Functional?
Perhaps your house is large enough, but you'd prefer a different layout. For example, if you want an open-floor plan, then you may need to tear down a divider wall, or if you need more kitchen space, adding taller cabinets could improve storage. Each functional change made to your home will cost money, though, so it's helpful to make a list of all the things you would like to change about your current home or find in a new one.
What Is the Cost Analysis?
Selling your current home and moving to a new home may make more financial sense than going through the cost and stress of a remodel. To help you analyze the costs, you should speak with a real estate agent to get a valuation of your current property and an idea about what the home of your dreams would cost you. You could also get a remodeling estimate from a contractor. Choose the option that makes the most sense for you and your family.
