If you love certain aspects of your current home but desperately wish to change other traits, you may wonder if it is better to sell your home and purchase a different property or if you should renovate your existing space. Though there is no single correct answer to your dilemma, here are a few things you should take into consideration.
The Length of Time You Want to Stay in Your Current Home
Take a moment to decide how long you want to stay in your current home (assuming that you decide to alter it so that it better fits your family's needs). If you see your family moving in a few years regardless of renovations, it does not make sense to sink a lot of money into renovations. Though most renovations do add value to your home, there are very few projects that completely pay for themselves. Before investing your time and funds into your current home, make sure that you plan to live in it long enough to enjoy the improvements.
The Location of Your Present House
A home's location is one item that you cannot change. Consider the benefits and disadvantages of your home's current lot. If the lot is too small or has multiple undesirable traits (such as having a poor school district or sitting too close to a noisy, busy road), you may prefer to move to a property that has a better lot.
However, if the location of your home is highly desirable, renovations may be preferable. If your home's current locale has multiple advantages, such as a close commute to work, great school district, or picturesque views, it may be difficult to find a new home that replicates these characteristics and falls within your budget.
Your Future Needs
Sometimes, even the most carefully planned renovations cannot meet all of your needs. For example, assume that your current home only has two bedrooms. You plan to expand your family and want at least one or two more rooms; unfortunately, your lot size only has space for a small addition that your family will outgrow within a matter of years. If your renovations do not meet your home's future needs, you should decide if a new home can better meet your expectations.
The Emotional Value of Your Home
For some homeowners, a house is more than just a place to live. It may have sentimental value that simply cannot be replaced by a new home. Perhaps your current home has been in your family for multiple generations, or maybe it is space that holds some of your life's most vivid memories. Regardless of the reasons, if you have a strong emotional connection to your home, you may prefer to renovate it so that it suits your needs.
If after considering these points you are looking for new homes for sale, contact a real estate professional in your area.