What do you do when your family starts to outgrow your home? Perhaps your house is starting to feel old, tired, or dated. Maybe you have an older home that is starting to need a lot of home repairs and maintenance just to keep it livable?
Home Renovation: Should You Remodel or Move Out?
The question of whether you should move or do a home improvement is not always an easy one to answer. There will always be times when it’s better to renovate and improve an existing home, but there are certainly occasions when it’s best to think about selling and buying something else.
Before you make a final decision one way or the other, here are some things you should consider:
Image via: HGTV
Do You Have Room to Expand?
If your family has outgrown your house and your renovation plans revolve around adding more living space, consider carefully whether you have the available room to expand.
Some homes don’t have sufficient space in the yard to build on new rooms. Others may not be in council areas that allow an extra story to be added, especially if your home is already story.
If you don’t have the room to add extra living space, it may be time to consider selling the old home and hunting for something that suits your growing family a bit better.
Can You Re-Purpose Rooms?
Do you have rooms in your home that rarely get used? Many homes have formal dining rooms that do little more than gather dust. Others have ample attic space that doubles as convenient storage space.
If you’re thinking of selling your home and moving to something a little bigger, see if you can re-purpose any of your existing rooms first. You might turn a formal dining room into a home office. You could convert a cluttered attic space into a teenage retreat.
Wrong House, Right Neighborhood
Many people find themselves living in a house that no longer suits their needs, but they’re reluctant to move because they love the neighborhood. Of course, some people may want to remain in the same area, but can’t afford to buy a something else in that location due to increasing house prices. There are also the associated costs of selling the existing house and buying a new home to consider that eat into your available equity.
If moving to a different area isn’t an option, then it makes sense to plan renovations that allow you to upgrade your home to suit your needs.
Improving Value or Capitalizing
A good renovation can improve the value of some properties by more money than it cost to complete the project.
Of course, there are also plenty of horror stories out there of people spending tens of thousands of pounds on renovating and remodeling, only to learn that the house value hasn’t changed at all. This is known as capitalizing, or spending more money on a house than it is potentially worth.
If you’re unsure about whether your property’s value will increase after finishing your major renovations, speak to a real estate agent who is familiar with your area. Discuss your intended project and research what similar properties are selling for in the immediate area. You can learn more at Austin & Wyatt.
Image via: Home Bunch
Are You Investing in Your Home or Throwing Good Money After Bad?
Many people recognize the benefit of investing in the family home. Spending money on necessary repairs and maintenance is a long-term investment in ensuring the house is well-looked after. Likewise, spending money on upgrades can also be a good investment.
However, when you’re constantly spending money just to keep up with basic maintenance problems, it may be time to move. Imagine spending thousands of pounds on basic repairs that won’t change the size or function of the home in the end.
If your home requires significant repairs just to keep it in a livable condition and you don’t have the available time or money to keep up with it, it may be time to consider selling. After all, there are people out there with plenty of enthusiasm and motivation who would love the opportunity to purchase a home that needs renovating.
The decision of whether to move or improve is a personal one. Only you can decide whether it’s time to sell your family home and move onto something else, or whether it’s worth staying on in your existing house and working through renovations and repairs over time.
Take the time to work through the real costs of moving versus staying and renovating. Work out exactly how much you can afford to spend and check that you qualify for the finance you need. When you’ve considered all your options, you’ll be in a better position to make an informed decision.
Oliver Corrigan has turned his DIY enthusiasm and prowess into an investment strategy and enjoys sharing his thoughts with others who are considering what to do with their property to improve or move. He writes regularly for a number of property and consumer websites.
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