Families are dynamic, over the years a family will go through many changes. There might be new additions. Some may eventually move out. Grandparents with certain needs may eventually move in. Unlike your family, your home is not dynamic, it doesn’t grow or adapt to meet your family’s changing needs. Unless not on its own. There may come a time when you need to decide whether it’s time to move into a new home, or make some big changing to your current one. Here are some questions to consider to help you make this all-important decision.
How long are you planning to live in the area?
The first question you should probably ask yourself when debating between moving and remodeling is how long you plan to stay in the area. If you’re likely to move in the next few years, purchasing a new home in that area might be a poor decision. Likewise, doing extensive remodeling on your home may be a poor use of money. Your best bet would be to focus on smaller scale remodeling projects with a high return on investment so you recoup costs when you do sell.
If you plan on retiring and aging in the community you live in, then you’ll want to consider these next questions carefully.
What makes you want to stay?
Consider the pros and cons of the home you live in now. Do you live in a great neighborhood with friendly neighbors? Do you live near a school or playground that your children love? These are the types of things you can’t take with you when you move. If you’re in love with the neighborhood, remodeling might be the better solution. If you’re not crazy about the neighborhood, that might make your decision easier.
What are the current and future needs of your family?
One of the most important questions to ask yourself is what your family needs now and in the future. Do you have toddlers or teenagers? Will you age in the home or will parents or parents-in-law come to live in the home? Asking these questions will help you determine whether it’s better to move or to remodel.
How are you using the space you have now?
If your home isn’t meeting your family’s needs, the next question you need to ask is whether you can better use the space you already have. If you have a formal dining room or living room that you never use, for instance, and young children with not enough room to play, you can convert this unused space into a playroom. If there are more effective ways to use your space, a remodel might be better than moving.
Which will be more cost effective?
After answering all of the previous questions, you’re reading to think about cost. Based on your family’s current and future needs, you can begin to calculate what it would cost to make the needed remodels and compare that to the cost of purchasing a home that already has all of the things your family needs.
This is not an original content but reproduced from the Source: cincinnati.com/story/news/local/community-news/2015/06/16/column-modify-move-things-consider-summer-remodel/28810307/