Should I stay or should I go? Deciding whether to move or remodel
Do you feel like you have outgrown your current home? Perhaps you need a change of scenery or just want to hit the reset button? The decision to move and buy a new home or to stay in your current place and remodel can sometimes be a difficult one.
Move or remodel?
Let the Tracy Tesmer Design/Remodeling team provide a framework to help you decide which option better suits you if you are considering some new space.
The first thing you will want to review is your budget. The money you are willing and able to spend can be a deciding factor on whether you choose to purchase new home or decide to remodel. Does a loan to buy a new home make more sense or perhaps using savings or a home equity loan for renovations more closely align with your financial means?
Space vs. Rooms
Next, you will want to consider your priority: more space or more rooms. If your family young and growing, you may be in need of additional rooms, necessitating a move. But if your children are getting older and the home feels cramped, you could need some additional space that a remodel might provide.
One aspect of this decision that many homeowners often forget is considering their timeline. A kitchen remodel can mean going without access to important appliances for a few months, while a move can mean living out of boxes or in a temporary home for a period of time.
Before you make your final decision, take the time to consider the return on investment you will get. Find out if a remodel can increase curb appeal, add much-needed square footage or updates that will help you sell your home for more in the future.
Finally, you will want to consider the relationship you have built with your neighbors, how much your location means to you and how emotionally attached you are to your home. Studies and research estimate that 70 percent of homeowners considering a remodel or move ultimately decide to stay and update their home.
Still can’t decide? The experts at TTDR can help you create a clear vision for the future of your home. Contact us today!