If there’s one truth about owning a home it’s this: there’s always something you want to change. So if you’re wondering whether you should remodel your home or move to a new one, keep these three questions in mind.
1. How do the numbers work out?
Remodeling isn’t cheap. But neither is selling a home. Before you make any plans, figure out the numbers. To remodel, you need a large chunk of liquid cash: according to HomeLight, adding a room can cost between $20,000-$70,000. That’s a major chunk of change, so make sure that your finances are ready and that you’ll get a positive ROI when you do sell.
If you don’t have the liquid savings needed for a remodel, you can take advantage of the equity you’ve built in your home by selling. And make sure to consider the current real estate market conditions. We’re in a seller’s market right now, which means that buyers are willing to pay top dollar to get into a house.
2. Are you emotionally and mentally prepared for an invasive remodel?
Remodeling requires you to totally change the way you live in your home. You have to restrict access to certain areas, live with the noise and dust, and deal with the problems that are oh-so-common with remodels. Long story short: remodels are really hard, both emotionally, mentally, and financially. They also usually take longer than originally planned, so you have to be prepared for a one-month remodel to stretch into three (or more!).
3. Do you really love your house?
If you are really in love with your home—it has the character you love and is in the perfect location—then consider remodeling. But before you make your final decision, take a look around your neighborhood; you might be surprised at what you’ll find on the market.
If you can say yes to all of these, consider remodeling. But if you’re iffy on any of them, talk with a real estate agent to find out if moving is the right choice for you.