We get it. Your family has grown but your house hasn’t (wouldn’t it be great if it did?) You may be facing the question of what your next step should be – move, possibly again for a lot of people, or remodel the house you already live in. You could also start from scratch and build a custom home Here are some questions to ask yourself if you are considering buying versus renovating.
Do you like things about your current home and its location?
If you like your current neighborhood and would like to stay there, it might make more sense to stay where you are and renovate your existing home.
What is your long-term plan?
A renovation might not make the most sense if you plan on moving in the near future. For example, if you’re in a starter house and planning to have kids or you’re planning to retire and move states, a renovation might not be the right choice. But if you are planning to stay where you are for the foreseeable future, a renovation could be the right solution.
What is your budget?
With any choice, the key is to do your research. While you can easily look up the prices of homes, it’s important to contact reputable builders to get estimates and quotes for your project.
Can you achieve your goals without changing the layout?
When you renovate your home and do not structurally change the layout, it cuts down on costs significantly. It is definitely something to keep in mind when figuring out what you want to do with your space.
Will a renovation increase your house’s value?
A renovation will rarely ever decrease your home’s value but it is important to make sure you are able to get your return on investment. It is crucial to talk to a qualified builder and remodeler before embarking on this big project.
So what is the best decision for you as a homeowner? There is no one-size-fits-all answer. It depends on your current needs and situation to really determine what is the next right step for you and your family. Regardless of what you decide to do, it is important to do your research, consider the pros and cons, and consult the appropriate professionals before proceeding.
