Should I Renovate or Move?

Your home is where you go to feel comfort, have fun, and spend time with the people and pets you love. But life changes, and there may come a time when you find yourself wondering if your current house or condo is still a good fit. Here are some questions to consider when thinking about moving to a new home versus improving the one you already have.

Do I need more space?

A big lifestyle change such as getting married, having children, or adding stepchildren can make your house feel too cramped. If more space is needed, can you add on using the existing footprint? Would an additional room or two be appropriate for the neighborhood? You don’t want a bedroom or bathroom count that is out of line with comparable properties in your area. Work with an architect who can do a rough sketch and perhaps get estimates on construction. Thoughtful, professional additions can improve your home’s value and make it more livable.

Do I need less space?

If you are newly single or an empty nester, you might find that your home is now too large for your lifestyle. Consider two choices: turn the unused space into something you will enjoy, or seek out a smaller home that’s more suited to your needs. You might really love hosting out-of-town friends and so you turn a bedroom or two into a luxurious guest suite. Maybe a home gym, wine room or game room would be fun. Or are you looking to get rid of your two-story home and find a ranch instead? Does the idea of “less is more” feel like a relief? Picturing your ideal future lifestyle is a great way to decide which direction to take.

What is my tolerance for construction?

Can you handle residing in a home that’s under renovation? How long will it take? What if there are delays? Some homeowners are OK with living in a construction zone, but for others it’s simply out of the question. Think about the dust, mess, noise, and other inconveniences that come with other people going in and out of your home. Estimate how long you’ll be able to tolerate it. Some people would rather just move, and that’s totally alright.

Do I love my location?

One thing a remodel can’t accomplish is to change your home’s location. If you are happy with your commute, have your kids established in neighborhood schools, or hold a deep love for your current area and neighbors, then moving might cause more problems than it solves. Conversely, if your location could use some improving, consult a real estate professional to see if homes in your desired neighborhood are within your budget.  There’s no use getting your heart set on a locale that’s out of your price range.

We know that making the choice to remodel or buy a new home is not always easy, so our loan professionals would love to walk you through some different refinancing or renovation loan options. We’re here to consult and find solutions that make you happy in your home.