Is It Time to Move or Time to Remodel

After living in a residence for several years, it can be easy to discover things that you may not be crazy about. While some things can be a simple and quick fix, there may be major changes that make you wonder if it is actually worth the investment. At this point, you’re probably asking yourself if you should remodel or just move into a new home– and this isn’t always an easy choice. There are many factors that go into making this decision. Here are some things to consider when deciding what will work best for you.

  1. Determine which is more cost-friendly

While both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions, moving costs, minor repairs, the costs of a new home, and potential upsizing costs. The costs of remodeling can include permits, architectural plans, materials and labor, and any other additional costs incurred in the process.

 

  1. Look into the current housing market

Depending on whether your local real estate market is hot, it might make more sense to just sell if houses are selling quickly around you. By talking to a reputable real estate agent, you can find out what to expect in terms of days on market, average sales price, and other important factors when it comes to selling a home.

  1. Decide if your roots are deep

Is your home more than just a home to you? If you and your family are actively involved in the community, remodeling may work best for you. On the flip side, if there are better schools or job opportunities in a different neighborhood, or if you are spending a lot of time commuting day to day, selling may be a better option.

  1. Decide if a renovation can solve your problems

Take the time to decide if the problems with your home are fixable. Is it really the house, or do you dislike your neighborhood? Do you have to spend an hour driving one way to work? Have you outgrown your home and need more space? If your answer to questions like this make you realize renovations won’t solve your problems, consider that it may just be time to put your home on the market.

  1. Consider the ROI on your remodel

Calculating your return on investment will help you determine two things – first, if a remodel will cost you less than selling your home. It will also help you determine if you will be able to make your money back on a remodel if you choose to sell in the future.

If these considerations make you realize it is time to remodel your home or even start completely fresh with a new build, schedule a complimentary phone consultation with Design Solutions today.