You love your home and location but feel it’s not meeting your needs for space and livability. When faced with the decision to move or remodel there are several factors to consider.
If you are already living in an ideal location, what is the likelihood you can find a more suitable home layout in the same area? Does the thought of house hunting and moving all your belongings to settle in a new place stress you out? Is your property able to handle an expansion in size? Or will an adjustment to walls and room layout satisfy your needs? What does your budget look like for either investment option?
Growing families likely require a growing space. For those living in a condo or small home, moving to a home with a larger square footage and potential for expansion is going to be your best option. Before buying a new home, planning is still required to understand future needs and ensure you settle in a home that will suffice for years to come.
If you already live in a home with growth potential, there are a few other factors to consider before undertaking a home remodel or building an addition. First, research values of other homes in the area. Consider whether you can recoup a portion of the cost and avoid over-pricing your home in the local market.
Larger home remodeling projects are best considered as long-term investment and better suited to families who plan to stay in the home for several years. A home that is sold shortly after a large remodel will see a significantly lower ROI (50-70% according to https://www.remodeling.hw.net/cost-vs-value/2019/) compared to when homeowners can personally use the updates for a number of years afterwards.
Other needs such as improving traffic flow in the house, shifting room sizes, or updating key elements make a remodel a perfect option. Although you may have to live in a construction zone for a few weeks, this far outweighs the time and energy that would be spent in moving to a new home.
If you love where you live… talk to a remodeling contractor today to see if a fresh design and renovation can make your home fit your new lifestyle and needs!