For many homeowners, the spring season brings about the desire for something new. One question that often comes up is, “Should I remodel my home, or should I move to a new house?”
To make the best decision for you and your family, here is a short guide to help you make the right choice.
Is it Better to Remodel or Move?
One question that many homeowners ask themselves is, “Which is the right decision, moving or remodeling?”While both options could be a possibility, different seasons in life and markets may make one option better than the other.
Here are several questions you should ask yourself as you begin to discuss the potential of moving or remodeling your home:
- What aspects or areas of my home do I want to remodel?
- Are there dated areas and rooms in my home that need renovating?
- Are my kitchen and bathrooms modern or do they need work?
- Can I remodel any part of my home myself, or should I hire a professional?
- Are other homes like mine in my area being remodeled or sold?
- How does my home compare to the neighbors? Is it better or not as nice?
- If I remodeled, would I be over-building for the neighborhood and never get my investment back?
- What are the current market conditions in my city? Is it a buyer’s or seller’s market?
- Do I want to stay in the same city I live in now?
- Do I see myself staying in this home for many years, or would I like to move elsewhere?
- If we decide to move, do we have to stay in this area because of work or school?
- Are there very many homes for sale in the area, or is it a tight market?
It can be tempting to jump on an opportunity to move or remodel quickly, especially when the thought strikes you. However, by slowing down and asking yourself several pointed questions, you can determine how you and your family feel about the two options and who you should begin working with to move forward.
How to Determine if you Should Remodel or Move
Once you have answered the above questions, you’re a bit closer to making a decision. Now it’s time to do some research. Taking a look at various current factors will help you know whether or not it’s time to pull the trigger on a home move or remodel.
An effective way to know whether to move or remodel is to analyze the current market conditions. Is the market short on available homes to buy? You may be able to get a great price on your home without having to do much remodeling! But then you could have a problem finding another home. This is something to keep in mind in a seller’s market.
Go to open houses and check out real estate for sale online. Get an idea of the market and how your home compares. Are there other houses out there for sale that you’d prefer to live in? Or now that you’ve shopped around, do you appreciate your home more?
If the market is leaning toward a slower buyer’s market, then investing in home remodeling may be more effective than selling. Should the market turn around later, you may discover that you make your investment back – and more – with a higher sales price!
If you decide to renovate, the key to choosing is to do your research. Work with an expert renovation company and contractor who can offer insights on the best way to build value in your home. Have them come out for a consultation to see your home and give their ideas.
On the other hand, if you’ve decided to move – find a good real estate agent. Get their opinion of your home’s value. Also, see what the possibilities are for your next purchase.
Remodel or Move – Make the Right Decision for You
Ultimately, the decision of whether to remodel your home or move is yours alone to make. With so many aspects involved with the decision, it can be easy to feel overwhelmed trying to make the perfect choice! However, you can make the best decision for yourself and your family by taking the time to do your research on all of your available options.
Remember to check on the current housing market closely. By considering the potential costs of remodeling projects on your home, you can quickly compare a potential sales profit and the long-term benefits of renovating your house.
Whether you choose to remodel or sell your home, you should always work closely with a trained expert to guide you through the options. An experienced team will work with you to show you all the possibilities and give you guidance on how you can boost your home investments!
Now is the perfect time to have us remodel your home to create exactly what you need. We can do everything you want, from renovating your basement, adding a beautiful new addition, or remodeling your entire home. Remodeling Consultants have proudly served Westchester County NY and along the NY border in CT, including New Canaan, Greenwich, Westport, Wilton, and Stamford for over 55 years. Contact us today in Westchester or Fairfield County. You can call our New York office at (914) 381-6900 or our Connecticut office at (203) 321-1250.