Renovate your home or sell and upgrade?
Many homeowners, at some point, recognize that their needs today are perhaps considerably different from what they were when they originally purchased their existing home. Maybe the house is too small or you need a different layout / configuration to meet your present and / or future needs? Perhaps, you need more bedrooms, a larger kitchen, etc., and you need to make a decision on how to tackle this effectively. With that in mind, this article will briefly try, consider, examine, review and discuss, whether you should renovate (and / or expand) your current home, or be better off selling it and buying a different one, which is better suited to your new needs, etc.
1. Home Upgrades / Expansions / Improvements: How much would it cost, do, what you feel is necessary, 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, under construction conditions, during this period, or pay, for a temporary place to reside, while the work is being done? How important is it to live on the specific block, in the neighborhood / area where you live now? Will renovating, mark the quality differences, that help you to enjoy your living conditions, as you want, wish and seek?
2. Sell and upgrade: How much, is it realistic, in terms of price, could you receive, if and when you try to sell your existing home? How long can it take? How much more could it cost you to buy, your ideal, living conditions and situation? How many houses are available in the real estate market and area that you prefer, and which one can you afford? How will your personal comfort zone affect this process? What is your credit like and how much additional mortgage could you qualify for? What will the property taxes be at the new location? Can you afford to move out? What are your true needs, expectations, and how will the move make things better for you? Are your perceptions as realistic as possible?
Before making any such important and perhaps crucial decision as this one, take the time and effort to fully consider your options and alternatives, carefully and proceed wisely. Since for most of us, our home represents our greatest financial asset, doesn’t it make sense to carefully examine the above options, as well as any other relevant ones, and proceed, with what is best for you?