If you closed on your current home a few years ago, your lifestyle might have changed drastically. Perhaps you’re uncertain about whether or not your house is really right for you and your family. Or maybe you still feel comfortable in your home, but the character of your neighborhood is changing rapidly, and you don’t know if you really fit in anymore.
Do either of these scenarios sound familiar? If so, you might be divided between remodeling your house, or browsing local real estate markets and wondering if it’s time to move somewhere new. Here are a few important considerations to mull over before you make any major changes to your living situation.
Remodeling Certain Rooms
Before you commit to packing up and moving or bringing in contractors for a serious home makeover, consider the possibility of simply remodeling a few rooms to give your home’s interior a fresh, polished appearance and boost your property value.
You could start by upgrading your kitchen and bathroom. For example, you might consider improving the lighting, giving the rooms a fresh paint job, adding more storage space, or having new countertops installed. If you’re installing countertops, you’ll have a variety of materials to
choose from, like marble, granite, and soapstone, but quartz is a gorgeous, high-quality option. According to Apartment Therapy, quartz is exceptionally durable and easy to clean. Budget accordingly, as quartz countertops will run you an average of $125 per square foot - you’ll need to hire a contractor to fabricate the material, level the cabinets, install supports if there are no cabinets, and join the seams to finish the job.
What’s Your Motivation?
Feel like basic renovations aren’t the best solution to your housing woes? Sit down and reflect on exactly why you’re unhappy with your current situation. Do you have safety concerns about your neighborhood? Is your workplace far from your address, leaving with you a long commute? Or are you dealing with maintenance issues in your home?
Basically, you need to determine if the root of the issue lies with your home, or with your neighborhood. If it’s the former, improving your home is a smart choice. But if it’s the latter, it might be time to start getting in touch with real estate agents.
Think Long Term
In order to figure out whether you should stay or go, you’ll need to think long term. For instance, if you’re planning on growing your family in the coming years, you may want more space than you already have, and moving to a new home might be more appealing than going through with an addition. Alternatively, if you’re in a buyer’s market and feel confident that your property value will increase over the next few years, you may want to hold on to your current home for a little longer.
Crunch the Numbers
Still undecided? It’s time to break out a calculator and do some math. You’ll need to compare a few important figures.
Estimate how much you could expect to get for your home, and what you would have to put down to buy a home in your target real estate market. According to Bankrate, you can ask a real estate agent for a free comparative market analysis to get an accurate picture.
Next, list all of the renovations and repairs you’re considering, and add up how much it would cost you - for example, if you’re planning to replace the flooring with hardwood, expect to pay $2 to $10 per square foot depending on the type of wood. Consider how these renovations could increase your property value and help you get more for your home if you waited a couple more years to put it on the market, and decide if selling or improving will bring you more financial benefits.
When you buy a home, you probabaly intend to stay there for quite a while - but sometimes, life changes unexpectedly. Maybe it’s time for some remodeling projects, or maybe it’s time to start packing. If you take the time to carefully consider all of the pros and cons of selling or renovating, you can come to a solution that works for you and your family.