Does your home feel outdated? Do you feel cramped and need more space? Before you decide to make a major move and contact a real estate agent, we want to provide you with some information regarding the idea of moving vs. remodeling. You should consider and weigh both options before making a final decision.
Remodeling Your Home
Home is where the heart is! Beyond wanting more space or just an update there are a multitude of reasons to consider when deciding to move or remodel your existing home. If you have a strong connection to the community, neighborhood, school district and emotional ties to your home, then remodeling is probably the best option for you. Whether to leave your neighbors and close friends is a difficult decision. Starting over in a new place can be daunting. Besides the emotional consideration of owning a home, there are external factors like shortage of inventory on homes for sale, rising mortgage rates, and access to more home equity. If you choose to stay in your current home, you can also avoid realtor costs and moving costs.
Considering the above costs, many homeowners are choosing to remodel their home. The benefits of tapping into your current home’s equity to remodel not only creates peace of mind in your new space, but also will add value to your home. A trusted design build firm can help you meet any remodeling needs you may have whether it be an addition, a lower level to create more family area, or an updated kitchen or bath. Often, when you take into consideration the cost of the home, closing costs, realtor commissions and other related items, these types of home remodeling projects can give you the home you’ll love for far less costs and without the hassles of moving. And, if desired, Mosby has partners that can help you with financing the project, as well.
Moving To A New Home
According to the National Association of Realtors (NAR), the inventory of available homes (new and existing) fell to 1.48 million at the end of 2017, the lowest level on record. In February 2018, there was only a three to four-month supply of existing homes available-well below the desired six-month mark. The cumbersome cost of moving can be daunting to think about. The cost factors whether local or out-of-state can be very pricey. Additional costs for transportation, storage, and supplies should also be budgeted for your move.
If you’re thinking about moving it’s good to ask your self the following questions. Is the new home ready for you and your family, or does it too, need some improvements? Are you settling on a home rather than finding exactly what you want?
While the decision whether to move or remodel is both an emotional and financial decision that only each family can make for themselves, for many out there who have been hunting for their dream home and finding nothing but frustration, maybe now is the time to consider remodeling, instead.