There comes a point in every homeowner’s life where they start to look around their home and desire something more. Whether it is improving the layout, buying updated appliances, or wanting more space, there is always something to consider. The decision will ultimately come down to renovating your current house or moving to a new home. It can be a tough question, but we have some helpful tips and considerations that can make the choice easier.
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Considering the Costs of Remodeling
There are pros and cons to staying in your current home and remodeling. On the plus side, you will be able to customize it to your needs, increase the value of your house, and avoid the costs associated with moving.
On the other side of the coin, you need to look at the cost of the renovations you desire. Are you just looking to update some appliances? Then purchasing and installing new appliances and remaining in your home may be the best possible option.
If you are thinking of remodeling or adding a new room, then you are looking at higher costs. Whether you are considering turning the garage into a bedroom or adding an extra wall, you will need to research and determine if it is possible financially as full remodels can cost upward of $200,000, according to Home Guide. If you can do any of the work yourself, that will help, but you need to do the research.
Can You Afford a New Home?
While you are considering the cost of the home improvements, you will also need to decide whether you can even afford to move, and the first step is to look at the current home market. If there is a house nearby that has everything you need, is it affordable? Would you need to move to a different state with lower housing costs? You’ll need to do your research to decide.
If you find the dream house you always wanted, but it is a bit out of your price range, remember that you may be able to take out a larger home loan. A good first step is to contact your bank for options. If you are an active service member or a veteran, consider looking into a VA loan, which is offered by the government to help those who served our country and their families. VA loans offer veterans lower interest rates, and they won’t have to put anything down or pay for mortgage insurance.
Although loans can help you reach your financial goals, it is important that you always read the fine print, including the interest rate, APR, term, and projected payments. Make sure you know what you are getting yourself into and that you will be able to afford the cost on a monthly basis in addition to any other financial obligations.
Why You May Not Want to Move
While you are likely getting wrapped up in all the hopes and dreams you have for a new home, you should hold a family meeting and talk about your current property and decide if you really want to leave.
First, think about your issues with the home and decide if they are really that big that you absolutely have to go through the stress of moving. For instance, if your backyard isn’t bringing you joy, can you make improvements over time to create an outdoor space you love?
You will also need to think about your family situation. If you move, will you be further away from your children’s school? What kind of attachment does your family have to the home? Is having an updated kitchen in a new place worth leaving your current home?
As you can see, there is a lot to think about when it comes to modifying the house you have now versus moving to a new home. Think about the advice above and then make the best decision for your family.
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