Should I Stay or Should I Go?

4 Ways to Decide Between Moving or Renovating

So you’ve realized there’s something missing from your home. Too much space or not enough, peeling paint and aging features. What you wouldn’t give to do something about it. But what can you do?  True to our form, we’re here with a number of questions whose answers can narrow this one down for you.

Your House Is Out of Sync With Your Life

There are definitely great reasons to change up your living situation. Even if you’ve always liked your home, perhaps your job moved and the commute is a major headache, leading you to spend hours in traffic each day. Or you need to be closer to extended family members to help them or get their help and the distance separating them from you is a deal breaker.

Other circumstances can lead to dissatisfaction with your current digs. Maybe you’ve had a few kids since you bought it, tacked on a couple family pets, and there’s no room to breathe, let alone exist, without someone bumping into you. With small kids, it will only get worse because, well, they tend to grow. In this case, a move may be the quickest valve to vent that pressure.

Remodeling or Renovating Won’t Cost Your Firstborn

What changes does your home need for you to feel satisfied or get your needs met, and how much will those cost?

To illustrate, if you need to simply update the kitchen, that’s significantly less expensive than adding a wing to the house. The idea is to determine what your desires are and seriously consider and weigh the costs.

You Can Afford to Move, and It Won’t Disrupt Your Life

Let’s say there’s nothing really tying you to your current abode. Maybe your kids are all grown and you want to exchange the big place for a smaller one, but you’re also considering simply updating your current residence to a more modern look, and adding things like outlets and giving it a smart home overhaul.

Which will work best?

In this case a move won’t significantly impact your life negatively, and, indeed, you may stand to gain from this sort of switch. So perhaps it’s time to consider moving. The renovations you want may ultimately cost more than simply shedding the old and bringing in the new.

Enduring Renovations Isn’t a Big Ask

A major factor to consider when looking at renovations is the time it takes to do specific remodels. Check the average times to do the updates you’re hungry for and make sure you’re prepared to have your life disrupted while they happen. If these aren’t completely impossible, then a remodel will likely tick the boxes on your checklist, sparing you the complications of a move.

Whatever you decide, remember that an Academy Mortgage loan officer who can help you understand the different risks and costs with home loans and home renovation loans is only a phone call away! A discussion like that may help you sort through the decision and do what’s best for you.

CONTACT US for more information about Academy Mortgage, your 1st CHOICE Home Loan Lender!