Many homeowners, at some point, in time, recognize, their needs, today, are, perhaps, considerably different, from what they were, when they originally, purchased their existing home. Perhaps the house, is too small, or you need, a different layout/ configuration, to meet your present, and/ or future needs? Maybe, you need, more bedrooms, a larger kitchen, etc, and you must make a decision, as to how, to address this, in an effective manner? With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, whether you should renovate (and/ or expand) your present house, or be better off, selling it, and buying a different one, which better meets your new needs, etc.
1. Present home renovations/ expansion/ upgrades: How much would it cost, to do, what you feel is needed, to make your present residence, work, effectively for you, in the future? What does your community, in terms of building codes, etc, permit, and demand, to make these changes? Are you willing to live, in construction conditions, during this period, or, pay, for a temporary place to reside, while the work is being done? How important is living on the specific block, in the neighborhood/ area, you now live? Will renovating, make the quality differences, which help you, enjoy your living conditions, as you want, desire, and seek?
2. Selling, and upgrading: How much, is realistic, in terms of the price, you might receive, if and when, you attempt to sell your existing house? How long might it take? How much extra, might it cost, to purchase, your ideal, living conditions and situation? How many houses, are available, in the real estate market, and area, you prefer, and, which you can afford? How will your personal comfort zone, affect this process? How is your credit, and how much additional mortgage, might you qualify for? What will be the real estate taxes, in the new location? Can you afford to move? What are your true needs, expectations, and how will moving, make things better, for you? Are your perceptions, as realistic, as possible?
Before making any decision, which is, as important, and, perhaps, crucial, as this one, take the time, and make the effort, to fully consider, your options, and alternatives, carefully, and proceed wisely. Since for most of us, our house represents our single – biggest, financial asset, doesn’t it make sense, to carefully examine the options above, as well as any other relevant ones, and proceed, with what’s best for you?