Your home, as they say, is where your heart is, and for so many homeowners, it’s a lot more than
a saying. Their home is a place where they made so many memories with family and friends, and
considering selling it can be extremely painful. But what do you do if your home is no longer
meeting your needs? Can you simply remodel your home into the house you need? It’s a hard
decision to make, to be sure, but there are some major considerations that can help you decide
which is the right choice for you and your family.
How Close Is Your Home to Perfect?
Sometimes, the changes you need to make your home right for today are small. For
example, if you’re planning on aging in place, but all the bedrooms are upstairs, you
might be able to add a small bedroom suite to the back or side of your home on the
main floor, depending on the layout. This would allow you to continue to stay in
your home, even if trips up the stairs were increasingly infrequent as you aged.
On the other hand, if your remodel is more about a totally whole new look or going
from a space that’s largely compartmentalized to entirely open concept, that’s a
huge change to a house that will require a considerable amount of time, effort, and
money. In those cases, it’s usually better to find the house you want and sell the
one you’re in.
Is the Neighborhood Thriving or Sliding Down Hill?
If your neighborhood is healthy and thriving, and you love everything about it, it’s
definitely worth considering a remodel instead of just moving along. You never
really know what you’re going to get with a new neighborhood until you live there a
while, and besides, you certainly already know some people nearby. That’s a
wonderful way to build community.
However, neighborhoods can also deteriorate, and with them go property values, the quality of schools in the area, and sometimes even a sense of safety and security. If you’re pretty sure your neighborhood used to be a lot better and you’re not always comfortable going outside at night anymore, maybe it’s time to look for a different zip code. There’s no amount of remodeling that can fix that particular concern.
Will Your Equity Buy the Home of Your Dreams?
Most importantly, you have to look at the financials. Remodels can take place over
years, giving you time to spread out the expense, even if your equity won’t quite
cover the costs you think you may incur. So, that dream kitchen might take a little
while to become reality, but it’s still possible if the rest of your house makes you
happy and you’re willing to wait.
On the other hand, if selling your house could get you closer to the home of your
dreams with the equity you’ve secured, you can save yourself a lot of mess and
stress by simply moving on to the home you really want. If you’re moving to a
different part of your city, or a different area entirely, that equity can easily buy
something wholly different and potentially perfect, and maybe even shrink your
house payment a little bit.