Should I Remodel My Current House Or Just Move?

Home buyers can be classified into three groups. The first one is composed of people who are looking to buy their first house. The second group is for those who are looking for an upgrade. This includes growing families who need more rooms. The third group is composed of people looking to downgrade. One of the biggest reasons for this is they have kids going to college and leaving the coop.

For the second group, before reaching the decision to buy a bigger home, there is a question they need to answer first. Would it make sense for them just to remodel or expand on their current property or would it be better to just move?

Let us first look at the advantages of remodeling. Obviously, you already know the strengths and weakness of your current property. Also, you have a concrete idea of your needs and wants. If you are more focused on what you need more than on what you want, then try to see if your current house’s advantages includes the possibility of expansion.

Furthermore, remodeling does not necessarily mean expansion. By rearranging the layout of your current house, you can end up with a property that would provide ample room for your growing family. Of course, this form of remodeling would involve spending a sizeable amount. But then, if you can afford to buy a new and bigger home, you can also afford to make repairs on your current property.

When it comes to moving altogether, you have to consider several things. First off, can you afford to keep your current home and pay for another one? If your answer is negative, then the best thing to do going forward is to sell your current home and use the proceeds to pay for your new home which you can look for by browsing an online MLS.

Before you sell your property, make sure that you will get enough from it to pay for the new home. If for example the location of your current home does not attract high prices for houses and you could end up getting significantly less than what you need for your new home, then selling it and moving would not be the best move for you.

The biggest thing to keep in mind is that each option has its inherent pros and cons. By taking the time to balance these advantages and disadvantages, you are sure to come up with the best decision for you and your family.

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