You bought your first home a few years ago, and it’s been amazing so far. You’ve loved filling the place with furniture and décor, grown friendly with the neighbors, and finally have the garbage/recycling/street-cleaning routines down pat.
But your family has grown since you’ve moved in, and you’re starting to feel like you’re bursting at the seams. Should you remodel to make more space, or relocate somewhere bigger?
In this post, we’ll be breaking down three questions you should ask yourself as you decide whether you should remodel or relocate. These are some key points to think about before going through the turmoil of selling and buying a home.
Can You Expand Your Home?
If all you need is an extra bedroom or larger family room, it could be worth remodeling over going through a huge move. Additions can be costly, sure, but so can all of the costs of moving. Plus, an addition could be worth it if, aside from the space issue, you love your home and don’t want to leave.
So ask yourself, is there room in your yard to expand outward? Do your area’s building codes allow for an extra story to be added?
Can You Remodel Certain Rooms to Fulfill Your Needs?
If you can’t expand, another option is remodeling certain rooms to serve a different purpose. For example, you might transform your unused dining room into a playroom for the kids, make the unfinished basement into a comfortable den, or turn the attic into an extra bedroom.
Really think: Are there spaces in your home that are underutilized? Could remodeling make them useful and alleviate your need for more space?
Is Your Neighborhood Heading for a Boom or Bust?
Lastly, it’s helpful to consult a real estate agent about where your neighborhood is headed in terms of property values. If your neighborhood is booming, the value of your home is only going to increase, so remodeling may be worth it because it will amplify your home’s value all the more. In that case, you can think about remodeling as an investment in your increasingly valuable property.
If, on the other hand, your neighborhood is languishing, relocating is probably the better choice. After all, the last thing you want to do is spend more money than your home will potentially be worth in the long term.
So ask yourself: Would remodeling for more space be a worthwhile investment, or a sunk cost?
Trying to make a remodeling decision? Give us a call! The guys at VCG Construction would love to help you weigh the pros and cons: (888) 936-7824.
Photo credit: Mark Moz, Flickr Creative Commons
