You loved your home when you first moved in, but now it’s not quite cutting it anymore. This could be for many reasons; maybe your family has grown and you’ve run out of space. Maybe your tastes have changed and the configuration no longer suits your style. No matter what the reason, the decision whether to sell your home and move or try to make your current space work with some renovations is a big one. Here are some factors to think about if you’re trying to make this decision.
How much money do you have set aside to address your living situation? Think about what projects would need to be done in order to stay in your current home and whether you have a budget that can feasibly tackle the work. Compare this with the costs of purchasing a new home; not only the cost of the mortgage but also legal fees, closing costs, realtor commissions, etc. This can all add up and may make it more realistic for you to complete some renovations in your current house rather than moving, depending on the work that needs to be done.
Think about what alterations you’d ideally want to make to your living space and whether these changes can be addressed with a renovation. For example, if you have a small yard but want a much larger one, or if you want more rooms but you live in a condo, these would be tricky to tackle with a renovation and you may be better off moving into a larger space. On the other hand, if you want more space in your home and can reconfigure the floor plan to make the most of your square footage, or if you can add an addition to the home, then a renovation may be the answer.
If the changes you’d like to see in your home are doable with a renovation, think about the length of time it will take to complete the projects. Will you be able to live in the home with construction taking place? If so, are you willing to live with the noise, mess, not being able to use certain spaces of your home like a kitchen or bathroom, etc.? If not, do you have a place to stay while renovations are taking place? If you’ll have to rent an alternate living space or stay in a hotel, the cost of this will have to be accounted for in your budget.
As much as we try to think with our heads, big decisions can often come down to what we feel in our hearts. How emotionally attached are you to your home? If you can’t bear the thought of leaving because of too many fond memories then perhaps the best decision is to make some changes to the home to make it work for you and your family.
Location, location, location! Do you currently live in a neighborhood that you love? Remodelling can be a great option if you love your current location and nothing else is for sale in the area.
At the end of the day, you’ll have to sit down and weigh all the pros and cons of moving versus renovating for your specific situation. What’s right for one person may not be the best choice for another. It’s not always an easy or clear decision, but taking all the factors above into account and thinking about your current and future goals is a great place to start.