Should I Move Or Renovate?
Should I move Or Renovate.
When you buy a new home in 10 years you will be ready for a change. That is when you have to decide if you want to renovate, move, build a new home or just live with what you got. There are many factors involved in your decision to renovate vs. moving to or building a new home vs. doing nothing. Some factors are emotional and some are financial. No one can really tell you what is the best choice for you, but here are some issues you may want to consider. The choice is totally yours to decide what you want to do. Whats best for your family and your bank account.
Factors to consider
How much do you like the current location of your home (your neighborhood, town, etc.)?
What would be the consequences of moving, both good and bad (your commute, children's schools, living farther from or closer to friends and relatives, etc.)?
What is the aesthetic or historic value to you and to society of your current home?
What are all the costs of moving?
What are your emotional ties to your current home? Did you grow up in this home? Did your parents grow up in the home? Did your grandpa build it with his own 2 hands?
Is your home equal to, below, or higher than neighborhood standards relating to newness and style of features in kitchen and bath, square footage, and maintenance/degradation?
How soon would you be thinking of moving from your current home, after a renovation?
What would be the cost of renovating?
What would be the equity gain/assessed value of your home after renovating?
What is it you're really looking to achieve in a renovation, and is it something that is even likely to be found in the marketplace (by moving)? Do you think you can find a house with the dream kitchen you want for the same pprice of selling your home?