The big question any homeowner has – should I stay where I am and get my home remodeled and renovated or should I just move to a new place? If you check with family and friends, some will tell you to leave your old home and find a new one; while others will tell you that remodeling is the best option. Making a decision can be overwhelming when you get mixed advice from trusted people in your life.
However, before you follow through on the advice you receive, here are some questions you should ask yourself. If you answer these questions honestly, you will be able to make the right decision without any hassles.
image by Patrick Q
The neighborhood where your home is located is extremely important. If you love staying in the area; your kids are happy with the school; and you have all the amenities you require, there is no need to uproot yourself and move to a new neighborhood. Basically, what this means is if the neighborhood suits your needs, it is the right place to stay put.
Most people view their homes as a structure that provides shelter. However, homes often can be more than that. Sometimes, the architecture or age of the house is unique and special. If this is the case with your house, there is no need to break it down and build it from scratch. Instead there are qualified contractors that can take these special features into consideration and still renovate and expand your home to suit your needs and budget.
On the other hand, if there is nothing special about your home and its foundation is a complete mess, you will be spending a lot of money remodeling it. It does not make financial sense to spend so much money. Instead, you should be looking to buy a new home and move in.
It is prudent to remember, remodeling is not just spending money on changing or adding to your home. There are other costs you need to take into consideration. While your home is being remodeled, you will have to find alternate living accommodation. Albeit a temporary arrangement, it will cost money. Then there are other associated costs, such as moving your household things out of the house, arranging temporary storage and redecorating your entire house after the remodeling is done. So, there are a lot of ancillary expenses you will incur while remodeling.
Do you have sufficient money to fund all these associated costs or will you be drowning under debt? Once you identify all the costs associated with the remodeling, you will be able to make a decision whether you can afford it. If not, it is best to buy a new house.
If your home was built during a time when different zoning laws were in place, you may not benefit from the prevailing and more stringent zoning laws. So find out what the zoning regulations are and how they will affect you and your newly remodeled home. If the regulations work against you, there is no point in putting up a fight. It will be better to move into a new home that meets your requirements.
Customizing your existing home to your needs can sound like fun, but it comes with its share of stress. Are you equipped to tackle this stress? Besides managing your day-to-day life, you also will have to handle the demands of the remodeling. You will have to constantly be in touch with the contractor, check the progress of the project to see it is going the way you envisaged and then there is the selection of fixtures, window treatments and other small things that you will have to manage. Will you be able to without getting worked up?
Answer these questions honestly and see if you are up to handling the rigors of remodeling your home. If yes, you should not think twice about going for it. Otherwise, moving would be the best option. This said, whether you intend to move or raze your existing home to the ground, the key is patience. You will need oodles of it to make either decision a success.
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