1. Consider Your Budget
When it comes to owning a home, we all want to make sure that we #LoveWhereYouLive. But sometimes, that means making some tough decisions. If you find yourself constantly daydreaming about a larger kitchen or a backyard perfect for summer barbecues, you may be wondering if it’s time to move or remodel. Truthfully, the answer isn’t always straightforward and requires careful consideration. But fear not, this ultimate checklist will help you weigh the pros and cons of both options and ultimately make the best decision for you and your family.
Money is always a factor when it comes to home renovations. Before you begin dreaming of that kitchen island, take a good look at your finances. Consider how much you are willing to spend on a remodel, and don’t forget to factor in additional expenses such as temporary living arrangements and storage if necessary. To get an approximate idea of what your remodeling budget should be, consider the value of your home as a whole. If the numbers just don’t add up, it may be time to consider moving to a more affordable home instead. The Washington Post shares some great insight with your renovation budget!
2. Assess Your Long-Term Goals
Think about why you’re considering a remodel or move. Is this your forever home or are you looking for a stepping stone to a larger property down the road? Consider where you see yourself and your family in the next 5-10 years. If you’re looking for a long-term solution, a remodel may be worth the investment, but if you’re just looking for a quick fix, it may be best to move to a more suitable home for your current needs. Undertaking a major renovation project can be a significant commitment, says Ken Sission with LA Real Estate!
3. Evaluate the Real Estate Market
One key factor to consider is the overall housing marketing in your area. If the marketing is strong and houses are selling quickly, investing in remodeling could lead to a higher resale value. On the other hand, if the market is slow or stagnant, it might be more challenging to recoup your investment!
If selling your home and moving is an option, it is important to consider the current real estate market in your area. Remodeling areas of a single-family house is an excellent way for homeowners to add increased functionality and beauty to a property at someone else’s expense. A significant portion of the cost can be passed on to future owners in the form of increased property values if you choose the right project to enhance your living space! Investopedia shares some great insight.
4. Think About Your Emotional Attachment
Memories are made in a home and it can be difficult to let go of the sentimental value. If you have a strong emotional attachment to your current home and location, it may be worth remodeling to make it the perfect space for you and your family. However, if you’re ready for a change and don’t have a need to stay in a particular area, it may be time to look for a new home that fits your current lifestyle.
5. Consider the Timeline
Finally, it’s important to realistically assess your timeline. A remodel can take months, even years, to complete depending on the scale of the project as well as depending on which general contractor you hire. Are you willing to live in a construction zone for that long? If not, moving to a new home may be a quicker and more practical solution for you and your family.
Whether you decide to move or remodel, it’s important to make an informed decision based on your current financial situation, long-term goals, the real estate market, emotional attachment, and timeline. At Polis Remodeling, we understand that making these tough decisions can be overwhelming. That’s why we’re here to help! Our team is dedicated to providing you with the best possible experience when it comes to renovating your home. From start to finish, we’ll work together to ensure you #LoveWhereYouLive.