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There is always something on a homeowner’s to-do list, from changing air filters to finally repairing that leaky faucet. You may be looking at tackling a big project on your to-do list, such as a kitchen renovation or adding a new addition. Modernizing your home can come with a hefty price tag. Depending on the scope of your project, it might be time to move on to a house that better suits your needs. To help you evaluate if you should invest in a home project or start saving for a new house, start by asking yourself the following questions.
1. What’s my budget? Crunch some numbers to determine what you’re financially ready to spend. Remodeling can be an excellent investment and save you the hassle of moving. But it requires a great deal of patience and flexibility. On the other hand, buying a home can be instantly gratifying, but the actual costs of buying (and selling) – such as commissions, closing costs and moving fees – need to be part of the equation, as that is money you won’t get back.
2. Is the layout of your current home conducive to a remodel? Do you like your kitchen, but a load-bearing wall prevents you from making it your dream space? Or would your perfect bathroom be attainable except for space constraints? A professional remodeler can provide you with creative solutions to your layout needs and help you determine if a dramatic remodel is attainable. Another consideration is zoning laws. If you’re planning a large project, a professional remodeler can tell you if any zoning restrictions would affect the remodeling project you envision.
3. What is the current value of your home compared to similar homes in your neighborhood? If your home is already the most expensive in the area, you might see a small return on your investment if you remodel. But if comparable home values are more significant than your home, you are much more likely to see a strong return by making improvements.
4. How might your needs change in the next three, five or 10 years? A growing family, kids going off to college, an aging family member moving in – all are factors that can significantly impact your future requirements for a home. According to the National Association of Home Builders, more than a third (39%) of buyers prefer a multigenerational home.
5. How do you feel about your current location? Even if you change everything about your home, there are many things outside of your home that you have no control over. Have you resumed a lengthy commute to work, or taken up a hobby or activity farther away from your home? Other lifestyle factors to consider are the school district, parks and shopping centers, and the overall look and feel of the community.
To find more information to help you make the decision as well as a directory filled with skilled remodelers, real estate agents, visit our membership directory.