After spending the majority of the last year at home, many of us are thinking it doesn’t quite fit our needs anymore. Maybe it’s time for an upgrade. But should you renovate your home or sell it and look for a new home? Here are some points to consider when making your decision.
What Needs to Change to Fit Your Current and Future Needs?
The first step is to think about exactly what isn’t working in your current home. Consider what changes life will bring in the next several years and how your current home will address those needs. You may be planning to have more children or maybe have a family member move in. Will your kids be leaving for college soon? Moving and renovating are both large commitments, so it’s important to make sure the solution you choose will work for you both now and in the long term.
Is It Possible to Achieve It With a Renovation of Your Current Property?
Once you have decided exactly what needs to be changed, it’s time to start thinking about how you could achieve that in your current home. Maybe you just need more storage space or a kitchen revamp, updates that could be remedied with a renovation. However, if you are set on a larger backyard or need more space, moving may be your best bet.
How Much Would a Renovation Cost Versus Another Home That Will Fit Your Needs?
Your first step should be getting bids from a few contractors, so you have an idea how much your renovation will cost. Then visit our home search platform and browse homes for sale to understand how much a home that meets your needs will cost. This will also give you some idea what the selling price of your current home should be. If the renovations are fairly large, it may be less expensive and quicker to move to a new home.
How Important Is Your Neighborhood for You?
When thinking about moving, you will need to remember it’s not always possible to stay in the same neighborhood. This will depend on the types of properties you are interested in, their availability in the area, and their cost. On the other hand, if you are looking for amenities or a location different from what you currently have, this is your chance!
Is This a Good Time for Your Family to Move or Renovate?
Take into consideration what else is happening in your family at this time. Planning a move with a young family is best during summer while kids are out of school. Renovating also depends on the availability of contractors, so it’s essential to make sure they are available at a time that works for you.
Renovating versus moving is a big decision. By considering these points carefully, you will have a better idea which direction will suit your family best in the long run. Reach out to one of Mortgage Bankers to find out how much you could afford. With the current low rates, that number might be significantly higher than your current mortgage. Then browse homes for sale by visiting our home search platform!
At Resource Financial Services, we love making people’s dreams of home ownership a reality. Visit us online today at rfsmortgage.com to get started. Then contact a Resource Financial Services mortgage banker at 877.797.4545 to discuss your mortgage options and your financial goals. Let us walk you through the process and welcome you home to a better mortgage.