Asking yourself the question of whether to renovate or move is a difficult one. In order to answer that question, you need to ask yourself a few others as well. You need to think about the home you’re currently in, and whether or not with some upgrades, if that’s the house for you and your family.
Think about the location, think about whether or not your family is growing, and if the house is suitable for a larger-sized family. If there are countless memories in that house and it will continue to accommodate your entire family, then possibly renovations are the way to go.
If the location isn’t ideal, and maybe funds are too tight to complete any major or even minor renovations, perhaps relocation is the best bet for you. There are many factors, and of course, it isn’t the easiest of decisions to make, no matter which route you take.
If You Choose To Renovate
If you’re thinking about renovating, then there are proper ways to go about this, and there are impulsive ways to go about this. What you need to do is organize. You need to go over your entire home and see exactly what it is that you need. No matter how you do it, renovations aren’t cheap, but they can be a money pit if you aren’t putting your resources in the right areas.
There are certain projects that are DIY, but you need to know when to use a professional. Any area that you aren’t comfortable in, and areas which require permits, are both times to seek the help of a professional.
The average cost of a mid-sized kitchen is over $22,000, while a mid-sized bathroom is over $47,000, and a master bedroom over $130,000. So, yeah, you’re dealing with spending some cash. These are just averages, so, of course, they could be lower, but they could also be higher if you don’t take the time to figure out exactly what you need before blindly buying different products.
If You Choose To Buy A New House
Renovations also aren’t the answer to every problem that a homeowner faces. Maybe the commute to and from work is too long, or the size of the lot is too small, it might just be too small of a home. You need to think deeply about what exactly the problem is, and then make an assessment.
You should get an estimate for renovations as well. Once you’ve figured out exactly what it will cost to get the renovations that you’ll need to be happy, then you should look at the cost of buying a new home. See what you will be saving, or how much extra you’ll be spending.
Another important factor to remember is the resale value of your home. If you face some form of emergency, you don’t want to be losing money in the sale. It’s something to consider, as well as the assessed value of your renovations. Renovations can oftentimes go over the assessed value, and this could also lead to trouble, if you’re not careful.
Don’t Be Impulsive
Whatever decision you make, just be sure that it is well thought through. You’re dealing with big decisions that will take time and money, and you need to be careful with how you’re spending it. Think about your overall goals, and what will make you happy in the long run.