Downsizing, upsizing, remodeling, additions – all of this can make your head spin when deciding where you want to live! There’s a lot to consider when evaluating whether you’re on the hunt for a new home or a good contractor. I hope this list helps you as a guide:
1. Money
If you sell your home as-is, will you walk away with any money? If so, would you want to put that equity towards another home? If you can’t sell your home at current market value, will investing more money into the house through renovations increase the value or price you out of the neighborhood? You may want to consult with a Realtor to help you evaluate those options. I can give you market value of your home in its current state, after renovations, and give you an estimate of what you’ll walk away with.
2. Space and Location
This is a big one – is the house too small? Too big? If the house is too small – if you change the kitchen, change a bathroom, etc. will it still be too small? If so, you may want to consider weighing the costs of an addition (if that’s feasible for your property type) versus buying a bigger place. If you love your location, can you get the house you want in the same location? Or will you have to sacrifice location for space?
3. Time
When renovating a home, you have to also consider the opportunity costs of managing contractors. There are initial meetings with contractors until you pick one, then you have to spend time designing and picking colors and materials, then you’ll have to consider how they’ll get access to the home (will you be home? will you leave a key?). Can you live without that space while it’s under construction? Would your time be better spent just looking for a new home?
As I watch my parents struggle with this decision as they near retirement in the same house they’ve been in for over 27 years, it dawned on me that many people face this decision even before they hit such a milestone. Marriage, divorce, babies, teenagers, empty nesters, retirement, boredom (I once decided to paint an accent wall just because I was bored one night)! All of life’s events change our needs and wants when it comes to where we live. If you need help sorting it all out, contact me.