After living in your home for an extended period of time, the question comes up on whether you should move or undergo a renovation. When making the decision on which you should do, there are lots of different factors to consider ranging from those that are financial, practical and emotional. All of these different elements will help you in making the big decision to if you should keep your home and upgrade it, or move to a different location.
Looking at the financial side of the decision, there are many different elements that can influence your decision to choose one option over the other. Getting an accurate estimate of each will help you make a smart decision in regards to selecting an option. You will not only need to have an idea of what your home will sell in the current market, but it is also important to know the fiscal requirements of your home renovation.
Following the financial elements of making this decision, looking at the practical elements involved with making this choice are also very important. If you are thinking of growing your family, or already have a number of children, relocating to a home with features more adept to maintaining your families lifestyle would be a practical reason to move. This could include there being more bedrooms, a closer proximity to schools, more backyard space, or better access to local activities such as the theater or a community center. Compromising versus settling is another important thing to be aware of when making this large life decision. For example, an extension can be added to your home as opposed to completely moving, but considering if the benefits of the renovation outweigh those from relocating to a new larger home that already includes the space that you require is also vital. These are the types of practical questions you must consider when choosing between moving and renovating.
A final standpoint to consider when making this decision is through an emotional perspective. Of these reasons, the most important, is if the renovation will truly fix what you don’t like about your property. If you are looking into having a kitchen that is larger and more spacious, it is less feasible option to undergo a renovation, because it is unlikely to fix the core of the problem. On the other hand, if you are looking to have a revamped living room, renovations are a completely viable option. Other emotional reasons that can help in making your decision may include an easier and less stressful commute to work, or an enjoyable location nearby for family days.
Taking into consideration all of these different ways of making the decision on whether to move or renovate, the final choice essentially comes down to your personal decisions and how you can see yourself and your family living in the coming years. It is important to weigh your options and consider the advantages of both choices, and if you need advising, you can approach a REALTOR® for guidance.