Should I Remodel or Move?
You want to upgrade your lifestyle. Should you remodel your current home or begin searching for a new one?
Moving to a new home can improve the quality of your life in many areas. Consider the following reasons for moving:
• I want to live in a safer community; my children will attend a better school district.
• I want to have an easier commute to work and live in closer proximity to my family.
• I need to make more room for my growing family, but a remodel is not possible or practical.
• I will most likely relocate in the next few years; remodeling is not a good investment.
When moving, you want to make sure that your new home reflects the lifestyle you have envisioned. You want to be happy with your decision. Write down a list of all the qualities you would like in your new home and check them off as you go through the home. Will the home fit your family comfortably? Does the home have a better layout? An open kitchen? Room for entertaining? ‘
Remodeling can come in many forms – from small renovations to large construction projects. Consider the following reasons for a remodel:
• I want to increase the value of my home; it’s a great investment.
• I need to make more room for my growing family.
• I love the location and floor plan of my home, but the interior design needs some TCL.
• I want to make my home more energy efficient.
• I want to renovate a portion of my home to be used as an Accessory Dwelling Unit.
If you love your home, neighborhood and community, a remodel is most likely the best decision. If you move, you run the risk of buyer’s remorse. The ultimate goal is to be happier in your new space! Ask yourself the following questions: Can I imagine myself living anywhere else? Do I feel safe in my neighborhood and community? Am I emotionally ready to give up this home? Depending upon your answers, remodeling may be the best option for attaining the style of home you want.
Impact of Moving
It is important to consider what you want and what is within your reasonable budget. Factor in the sales commission on the price of your home, repairs you will need to make, energy efficient updates, as well as money spent on a moving truck or storage rental if downsizing homes.
Take a good look at the home’s current condition. If you’re going to have to do the same amount of remodeling in your new home as you would in your current home, it wouldn’t be worth the move. Make sure the previous owner has taken good care of the property.
Impact of Remodeling
Before remodeling, it is important to take a good look at the structure of your home. If you are putting value into your home, you want to make sure the foundation of your house is strong. Consider the property and the land around it as well; are there zoning restrictions? Will your dream home renovation fit in with the rest of the neighborhood?
Next, think about what you want to accomplish. Remodeling your home will take time and resources. It is important to map out the cost and scope of your remodel. Costs will include new furnishings as well as bids from contractors, architects, designers and engineers. It may also include the cost of alternative housing during the renovation process.
How Options Financial Can Help
If you are in search of a new home, Options Financial Residential Mortgage will work with you to secure the best loan option for you and your family. If you are looking to remodel your current home, our Dream Home Renovation Program can put you on the right track financially. A cash-out refinance or home equity loan is also an option for financing your remodel. We’d love to explain all of your options with you. Start a conversation with us!