The time has come that you have outgrown your home. Before you decide to put in on the market, weigh the pros and cons of renovating verses moving. Could a renovation solve the issue that makes you want to move? Would moving make the most sense and be a good fit for your family? There are so many factors that can help you decide the best move (or reno) for your family.
Do you love your neighborhood or is there somewhere else you would rather live?
Does your neighborhood have everything you look for in a place to call home like the right school districts, a reasonable commute or walk-able entertainment and restaurants? Whatever it may be that you love, or are left wanting, this should be a major factor. You can always fix a house, but you can’t fix a neighborhood.
While your home may be in need of some major upgrades, is there something about it that you just can’t live without?
If so, it’s time to add on or finally get that dream chef’s kitchen you’ve been swooning over for years. Renovating, even if it’s over a period of time can be much easier than starting over in a new home.
How does cost factor in and does renovating your home make economical sense?
There are more costs to factor besides just construction such as temporary living quarters if you are undertaking a major renovation. Make sure your renovation will have a return on investment when and if you decide to move. Putting thousands of dollars into a home where the neighborhood has a low home value doesn’t make sense. On the flip side, while starting anew can be appealing, keep in mind how much your home will sell for, the transaction costs of a new home and commissions.
Are there any zoning issues that will restrict your renovation?
Height restrictions and property lines can affect the expansion of your home. Neighborhood homeowner’s associations can also have polices that can hinder your dream project. If your space is limited and you have an expanding family, maybe it’s time to move.
Renovations are completely customizable.
You get to make all of the decisions and come out with the project that suits your needs. Starting anew can be exciting, however, shopping for a dream home can be daunting and finding exactly what you want could prove to be difficult. But if you’re looking for a fresh start, go for it.
It’s your call.
Whether you decide to stay or go, at the end of the day, you will make the right choice for your family. Either way, you will have the perfect house that suits all of your needs and makes you proud to call it home.