One of the hardest decisions to take is when you are choosing whether to move or remodel your current house. The answer is dependent on individual although both options require financial and emotional commitments. The three questions below will help you decide which is best for you.
Am I committed to my current house?
If you don’t feel any connection with your current house and all that comes along with it ( the wood, glass, insulation and everything else), you should prepare to move out. Make minor adjustments so you’d raise the value a couple of bucks when you sell it to pay for a new home.
However, if you answer yes to the above question, do an extensive remodel, using the latest appliances, materials, and styles. Remodel it such that it emits your ideal lifestyle.
Do I feel connected to the neighborhood?
Take a look at your current neighborhood and assess the location, traffic, security, safety and crime, and the local schools (especially if you have kids)
If any of the above listed do not satisfy you, it is better you move than remodel. If you are however happy with them, go ahead and remodel.
Can I afford to move?
According to psychologist’s statistics, after divorce, selling your home and moving is the second stressful event. The moment you decide to move out of your home, you need to find an estate agent, prepare to list your home, make necessary repairs to your existing home, start showing your home to interested buyers (which is singularly stressful), shopping and buying your new home, packing up, moving and cleaning your new home.
Apart from all this, you will need an average of $12,000 to relocate a 3-bedroom household while using professional packers and movers. If you combine this with other home changing expenses, you should be prepared to spend as much as $20,000.
The question now is, if you invest this moving expense into your current home, will it be better and satisfying?
The decision to move or remodel an existing house is a life-changing one which should be taken after careful consideration of all odds. If your answer to the questions above is 70% YES, you should remodel instead; and if its 70% NO, get ready to move, you need a change of home!