As homeowners, we often wonder if our home just needs some renovations or if it’s time to move. There’s no surprise because as time passes so do our needs. As such, there might be aspects and features in your current home that might not be as appealing to you anymore, or you might no longer need it in the future.
It’s easy to consider just moving right from the start but with low inventory nationwide, you might want to rather consider remodeling your house. Instead of moving right away, you could consider altering whatever it is you dislike about your current house with a simple renovation, and check if it would it be practical and financially viable to do so.
There are a few things you can investigate to see if that’s the case. You’d have to scour the internet, but we took the time to compile this short guide that will help you with this momentous decision later on.What need:
- What Need
- Before going into the financials, we believe it would be prudent for you to think about what you really need. You have to prioritize if what you’re looking for is want, more than an actual need.
- Chances are, what you want may just be out of a whim and well, you don’t want to get stuck with spending on that (if you remodeled), or bought a new house just because of something you don’t see yourself actually using or enjoying.
2. Check The Costs
- Whether we choose to remodel or move altogether, it all boils down to one important thing—how much we’re going to spend. No matter which one we choose, we’re going to have to shell out a few dollars.
- For those who consider renovating, check with various contractors and ask for quotes. If you can get at least three quotes, all the better for an accurate cost estimate. Make sure that these line items are included: permits, architectural plans, materials, labor, and additional expenses.
- For those who are selling, make sure that you factor in the following: agent commissions, moving costs, minor repairs on the new home and the current place, cost of the new home, additional miscellaneous costs.
- If you think that you live in a sought-after neighborhood, then it might be better to sell, but you can consult with real estate agents to gain more insights. They can help you out with research (how much you can sell your house for, if it is a good time to sell, whether your house is appealing to the market, etc.)
- Consider the home you’re moving into. If you sell your house only to move to another in the same neighborhood, the proceeds from selling your current home might not go a long way.
There you have it! A quick guide to help you with your decision. Just one more thing; if you do consider renovating, make sure that you don’t over-improve. There are risks with over-improving your home, turning it into a high-end one, in a not-so-expensive neighborhood might result in you not being able to recoup the expenses when you sell later.