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May 26, 2015
remodelingThroughout life, you will find your needs as a homeowner change. It could be welcoming a newborn into the family and discovering that you do not have adequate space. Or, you receive a raise that provides you the financial freedom to finally make the upgrades you’ve always wanted to your home. No matter the circumstance, these common situations heavily influence your life at home and may beg the question, “Should I move or remodel my home?”

 

The very idea of remodeling can seem overwhelming, but then so can the thought of packing everything up and starting over in a new neighborhood. Thus, the decision should be made using a balance of financial logic with a little bit of heart thrown in there.

4 Questions to Ask When Debating, “Should I move or remodel my home?”

The following questions can help determine which decision has the greatest financial investment potential while still yielding overall personal satisfaction:

  1. Which will yield the best long-term investment? Meet with a realtor or appraiser to find out what the comparative sales are in your neighborhood. If real estate values are flat-lined or declining where you live, a $50K remodel won’t add much value when it’s time to sell your house down the road.
  2. Are you in love with your neighborhood? Real estate investment aside, how attached are you to where you live? If your neighborhood is special to you, your family has strong bonds with neighbors and the park down the street is your favorite hangout, a remodel may make more sense than starting all over elsewhere.
  3. Is expansion possible? Depending on your lot size and architectural limitations, you may find sufficient expansion isn’t possible. If an architect or designer says you can’t expand, moving to a bigger home will be the simplest way to gain the space you desire.
  4. Can you afford to move? There are a plethora of hidden costs involved in moving. The moving trucks, packing materials and shipping costs, new furnishings and window treatments for the new home, HOA fees, higher property taxes, etc. – all these should be taken into consideration before deciding to sell your home and move elsewhere.

Not sure whether moving or remodeling makes the most sense? Contact First Option and we’ll be happy to run the numbers for you.

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