For most homeowners, life rarely stands still.
Whether starting a new job, having more children or dealing with major repairs — your needs change as your life shifts and evolves over time. As your life changes, so do the needs of your home.
When your family needs more space, or you just want to upgrade, you need to ask yourself the dreaded question all homeowners eventually face: Should I remodel or relocate?
Definitely not an easy question to answer — as both options have pros and cons — since making the wrong choice often results in costly regret. There are several things to take into account before picking the best option.
Location, location, location. If you choose to relocate, the area you choose remains crucial. You and your family will live there for years to come. If your family loves the neighborhood you live in, relocating may not be the most desirable option. Moving to a new location potentially brings an unneeded strain to your family, especially if you have young children in school.
However, if you or a loved one start a new job that requires a long commute, you may want to relocate to an area that’s closer to the new job. If your job and a loved one’s job are far away from each other, try to find a good location in between.
The Costs of Upgrading Your Home
Unless you plan to downsize when searching for a new home, relocating often costs more than remodeling. Selling your home and buying another results in numerous fees and commissions, for appraisals, agent commissions, title insurance, title search fees and legal fees. Your dream of a lavish brick home can come true at a more affordable price with remodeling, such as installing brickface on the exterior. Proper remodeling also increases your home’s market value — while more attractive place for you to live.
Both options remain risky. Remodeling takes a good chunk time, and so does finding good contractors. Prices for each contractor vary, making it difficult to budget the remodeling process.
When relocating, you have to deal with the pains of moving. Organizing, boxing, transporting, and unboxing can take days, and valuable possessions potentially get damaged in the process.
After taking all of these things into consideration, have a long conversation with your loved ones about the right decision for all of you. Be wise with your decision and contact remodeling and real estate professionals for prices and advice.