Everyone feels the need for a change of scenery at some point. Naturally, people find themselves asking whether they should remodel their homes or move to a new place entirely. Here are a few questions to help you decide whether you’re looking for a new space entirely or a few general improvements. 

How Attached Are You To Your Current Home?

Every home has some degree of sentimentality attached. When you begin to think about moving or remodeling, take some time to yourself to evaluate your attachment to your home. If the thought of someone else living in your house is hard to bear, maybe renovating to better suit your needs is a better idea. Make sure to consult with family to make the decision.

Do You Need More Or Less Space? 

While renovating can certainly add space to a home, it doesn’t make much sense (financially or in general) to decrease the size of your home when downsizing is an option. Generally, you should consider moving if you want less space, but if you need more space, adding an addition is the wise decision. 

What Can You Afford?

Unfortunately, with the state of the real estate market, moving is likely to be an uphill battle right now. Bidding wars and homes selling well above the asking price are the new normal. In addition, building costs have also seen a drastic spike within the last year. Climbing almost 20 percent from 2020 to 2021, the US Census Bureau says we have seen the most significant increase in material costs since 1970. So while both moving and remodeling will cost you a lot more than they did a few years ago, choosing to remodel your home will likely be more affordable than purchasing a new home altogether. 

Conclusion

Trying to figure out whether to renovate your home or start searching for a new one is a difficult decision that requires a lot of consideration. Have questions about the costs of remodeling your home? Contact us today!