For many homeowners, the question of whether to move or remodel is familiar. As your family grows and your needs and tastes change, you’ll likely end up asking yourself if your home is still a good fit for you and your family.
If you find that you’re currently at that crossroads, you may not know how to evaluate whether you should move or explore remodeling your home. Luckily, answering just a few questions can help you find the right solution.
Is home in fact where the heart is?
One of the most critical questions to ask yourself before you embark on a remodel is if your heart is in your home. Many young families buy their first home knowing that they will eventually move out and onto a bigger or better house. This is the concept of the starter home. That being said, if you can’t imagine parting ways with the house you currently live in, as many cannot, a remodel might be the right choice for you.
Is it in your budget?
Every remodel should be done as well as possible with the best materials and best minds behind it. Before you begin a remodel, make sure that your wallet can handle the endeavor. If you are short on funds and can only barely make a construction project work with your budget, it may be better to wait until you’re on steadier financial footing.
Do you have the time?
Remodels can be costly in money and time. Along with the cost of a remodel, the construction can take weeks or months to complete, and often times, it’s best for you to stay elsewhere while your remodel is underway. If you think it’s feasible for your family to deal with weeks or months of construction or displacement, then a remodel may be the right move for you.
What do you want out of your home?
It’s important to know what you want to have in a home. If you have a two bedroom home now, but are expanding your family and would like four bedrooms, it’s likely best to look for a new house. However, if you want to improve the quality of your kitchen, backyard, bathroom or the whole lot, then remodeling is often the best and simplest answer. It’s important to analyze the reason you’re considering a remodel. It can generally lead you to the best answer.
What’s the return?
Our homes are sanctuaries for our families, but they are also investments. If you remodel a room in your house, you’ll want to be sure that the money you put in is reflected in the future price of your home. If you’re planning a major remodel, but it’s unlikely to move the needle significantly on the value of your home, it may not be the best choice. It’s important to weigh your remodel against the return you will see on your new investment.
Improving the quality of your home can be a fun and rewarding adventure, but it’s important to ask yourself a few questions before you start your project to make sure you’re making the smartest decision for you and your family.