6 Ways to Know Whether to Remodel Your Home or Move
You like your home but miss some essential features. You crave for a new nest but dread the idea of leaving a nice neighborhood. These are only some of the many dilemmas that stand before people, and sitting on the fence doesn’t really help the situation.
So, should you remodel the place and stay put or maybe embark on a moving adventure? Both are big decisions that could either be a huge success or blow up in your face. Hence, they should be made after careful deliberation, certainly not on a whim.
Here are some surefire ways to navigate the move-or-remodel quandary and make the right call.
Assess the financial impact
Biting off more than one can chew is one of the most common mistakes people make. To avoid it, set emotions aside and do the math. Come up with a realistic budget. Calculate the total costs of moving and the total costs of remodeling your home. Note that there are a lot of details to grasp, such as material, labor, transportation, living, and maintenance costs. Naturally, they have a varying impact on your budget, but the most important thing is to figure out whether you can afford it or not.
Use goals as a guiding light
Furthermore, the ultimate decision depends on your long-term plans and goals. Do you want to settle in for the long haul? In that case, it might make more sense to upgrade your home, provided that it already fulfills most of your wants and needs. As for those who seek to make a hefty profit on selling the property, they can work miracles with improvement projects that add value to it. On the other hand, if you mean to use your present home as a temporary pit-stop, investing money into it is not advisable.
Evaluate the market
Before taking the plunge, you should do the homework and scope out the market. If the prices are going down in a nice part of town, moving is definitely something to consider. Perhaps a dream home waits for you out there, but you won’t know it until you comb the market. Of course, it’s crucial to figure out where to search. Well, take lessons from people searching for new homes in Sydney. They make good use of online discovery platforms that feature many exciting offers, including some innovative ways of living.
Earlier, we advised you to keep emotions at bay, but now it’s time to hear what they have to say. After all, how you feel about the place where you live is a major factor of influence. What is more, you should take into account your relationship with your neighbors and the appeal of the surrounding area. If the emotional ties prevail, then renovating could indeed be a sound course of action.
Gauging the potential
Speaking of which, the potential for improvement is the next chief factor. A different coat of paint is just the tip of the iceberg, because large-scale remodeling can make a real difference to your living situation. For example, those who need an extra room can achieve this goal by converting an attic or sprucing up the basement instead of moving. There are other ways to shift the layout and add square footage as well. It really helps to first declutter the space and then see where the room for improvement is. If there is little to none, feel free to move out.
Mind the approach
There are two basic ways to go about remodeling and they impact the time and money needed to finish the project. When committing to the DIY road, you have to figure out whether you can avoid hiring professionals altogether. There are certain things that you can do yourself, yet some aspects like structural soundness and electrical wiring you mustn’t mess up. Therefore, it might be a good idea to find a suitable contractor to handle the key home renovation and improvement projects.
In two minds
The million dollar question that looms over us does not always have an answer that is cut and dried. Yet, you cannot afford to lose sight of it. To steer away from the common pitfalls, test the water before you dive in. There is a matrix of factors that play a role, from finances and lifestyle to the neighborhood and market realities. In any event, weigh the pros and cons of both options. Make adding to your current abode or finding a new home one of the best decision you have ever made.