Many homeowners, at some point in time, recognize that their needs today are perhaps considerably different than they were when they originally purchased their existing home. Perhaps the house is too small or needs a different layout/configuration to meet your present and/or future needs? Perhaps you need more bedrooms, a bigger kitchen, etc., and you need to make a decision on how to approach this effectively. With that in mind, this article will attempt to briefly consider, examine, review and discuss whether you should renovate (and/or expand) your current home, or be better off, by selling it and buying a different one, which better meets your new needs, etc.
1. Submit home renovations/expansions/improvements: How much would it cost to do what you think it takes to make your current residence work effectively for you in the future? What does your community allow and require, in terms of building codes, etc., to make these changes? Are you willing to live, in construction conditions, during this period, or pay, for a temporary place to reside, while the work is carried out? How important is it to live on the specific block, in the neighborhood/area you live in now? Will renewing make the differences in quality, that will help you enjoy your living conditions, as you want, desire and seek?
two. I sell and update: How much, realistically, in terms of price, could you receive, if you try to sell your current home and when? How long could it take? How much more could it cost to buy your ideal situation and living conditions? How many houses are available on the real estate market and area do you prefer and which ones can you afford? How will your personal comfort zone affect this process? How is your credit and how much additional mortgage might you qualify for? What will the real estate taxes be, in the new location? Can you afford to move? What are your true needs, expectations, and how will moving make things better for you? Are your perceptions as realistic as possible?
Before making any decision as important and perhaps crucial as this one, take the time and make the effort to fully consider your options and alternatives carefully and proceed with prudence. Given that for most of us, our home represents our single largest financial asset, doesn’t it make sense to carefully examine the above options, as well as any other relevant ones, and proceed with what’s best for you?
