To Renovate or Move? That Is The Question
Life has changed a lot in the past two years, and you might have been living in your house for even longer. Time has a way of changing how you use your home, and it is possible that your current living arrangement no longer fits your new lifestyle. The question of should I renovate or sell my home frequently comes up when people experience major life changes. The answer to this question depends upon multiple factors, and asking yourself these follow-up questions can help you get to the bottom of what makes the most sense for your long-term happiness.
Have You Changed Your Lifestyle?
You’ll first want to nail down why you feel the urge to change your current living situation. Do you work from home and need a quiet office space? Or, are you considering moving your elderly loved one in and desire an in-law suite? Identifying your new needs makes it possible to determine what you’ll need to spend on renovations.
How Much Home Equity Do You Have?
When you already own a home, you’ll typically have the money you need for renovations or a new house purchase already at your fingertips. Refinancing or taking out a home equity loan is your best option for gaining the funds to cover a major renovation. If you decide to move, then you can look at using the equity in your current home to cover the down payment for your future one. Taking this route can help you to upgrade to a bigger or newer home without having to deal with the hassles of a huge remodeling project. To figure out how much equity you have in your home, you can either pay for an appraisal or reach out to a real estate agent in Long Beach who can help you determine the current market value of your house.
Does Your Current Home Have Space for Renovations?
People tend to dream big when it comes to home renovations, but there can be setbacks lurking beneath the surface of a house. For example, you might find out that you can’t knock down a wall to make a bigger room without having to redirect plumbing and electrical lines. Smaller homes might not even have enough room to expand an office or build a backyard kitchen. If trying to renovate will cost more than it is worth, then you might need to start looking for a home that already has what you need. Many newer houses already have home office spaces and other versatile rooms that you can use to make living your new lifestyle more enjoyable.
There isn’t an easy answer to this common question among homeowners. Instead, doing some research and deep thinking about your needs is the only way to arrive at a sensible answer that you’ll be happy with for many years. Once you’ve made your decision, make sure to act on it as soon as possible. Whether you decide to renovate or move, time is ticking on getting the best rates on materials or the lowest price on a home so that you can get the most out of your budget.