Homeownership remains an integral part of the American dream. That said, the house you own today may no longer be ideal after a few years. Perhaps you’ve welcomed another child to your brood and your household suddenly feels more cramped, or maybe the kids have flown the coop and your home is now too big to house just two people.
Many people who face these questions find themselves at a crossroads: do they renovate the house or just buy a new one that’s more suitable? To help you decide, here are two things to consider:
Is your home close to schools, shopping districts, and hospitals? If so, you may want to stay put and just renovate your home to fit your needs. If you’ve found a better neighborhood, however, it might be better to buy a new home there or build one from scratch.
There’s no two ways about it: whether you’re purchasing a new home or renovating your current one, you’ll shell out a lot of cash. The difference is that purchasing a new home is purely an expense while renovating can ultimately increase your home’s value provided you choose the right improvements to make.
Any decision pertaining to your home will always be a tough one to make. When deciding whether to renovate or move, be sure to weigh these considerations carefully.