At one point, every homeowner asks: should I move to a new home or remodel the one I have? According to the U.S. Census Bureau, the average number of times a person moves throughout their lifetime is 11.7. That’s a lot of packing and unpacking. Depending on your situation, you may be better off renovating your home. Other times, it will definitely be time to move on. Both options can come with a bit of stress, but when it comes to choosing between a big move or a remodel, here are some helpful considerations to help you decide.
Which Is the Cheapest: Move or Remodel?
Have you ever had a car break down, and your mechanic tells you the part you need is worth more than the car? This same logic can be applied to your living situation. If your home only needs a few improvements, like a new roof or floors, staying put and investing in your home may be smarter financially.
This decision is also affected by your current mortgage and financial situation. Home improvement projects cost more upfront, whereas moving can cost you more over time. For instance, your home may need a major repair, such as the foundation. But, if you only have a few years left on your mortgage, it may be wiser to stick it out and fix it. On the flip side, major issues on a home with 20-plus years left on the mortgage may indicate you should move on.
What’s Your “Worth It”?
If you’ve spent the majority of your life in the same home, it’s bound to have some memories attached. As you walk through your home, what do you see? The height-measuring marks of your kids’ growth on the pantry door frame? Those and countless other touches hold a special place in your heart. It may be worth it to you to stay and remodel just for the sake of keeping those precious memories close. On the other hand, you may associate some of the negative times in your life with your house, so moving to a new space may be just what you need to find a healthier chapter.
Out of Space
One of the biggest indications that it is time to move is when you are out of space. If a home addition will do the trick to expand your square footage, that is definitely an option. But when you are adding to your growing family and have run out of appropriate bedroom, bathroom, and kitchen space, you can be confident that a new home with room to spare is just the ticket.
Timing It Perfectly
When it comes to deciding whether to move or remodel, another big question to ask is: “Is it time?” What phase of life are you and your family in? Are you a newlywed couple with nothing tying you down? You may feel freer to broaden your horizons a bit. Are your kids extremely happy with their school system and thriving in social activities? It’s probably less stressful to stay where you are and update your home if you can’t find similar properties in your area.
Find Your Happy Place with HFS Financial
Whether you decide to move or remodel your home to fit your dreams, or you need a few upgrades before you can list your home on the market, HFS Financial is your ideal partner to get you the home improvement financing options you need. All you need is 60 seconds to submit an inquiry about your loan options, and there’s no effect on your credit score for doing so. And, once you’ve taken care of your “have-tos,” you can get started on building everything you’ve ever wanted in a home. “You Dream It, We Finance It.”