You love your home. You’ve made it your own and have lots of happy memories there. But maybe it no longer suits you and your family as well as it did before.
Maybe it’s too small or lacks the features you need — or you might simply want something different. Either way, it’s no longer the dream home it once was.
When this happens, you have two options: buy a new place or remodel your current one.
Not sure which is best for your situation? Here are some pros and cons of each:
Planning to make a move?
On the plus side, you get a new home that meets all your needs — and maybe even a better location. And you won’t be stuck in a construction zone for weeks or months on end.
But on the other hand, you’ll probably need to deal with selling your house and buying a new one simultaneously, which can be complicated. You’ll need the money for a down payment, closing costs and the actual move.
Think remodeling is the answer?
Advantages of remodeling include staying put and avoiding the time, cost and stress of moving. You might increase your home’s value as well, which could mean more profits if you decide to sell later.
The downside? Renovations aren’t always quick or easy. You might be surrounded by construction, contractors and materials for months. It also has its limits — you may not be able to achieve everything you want.
Though both routes have their pros and cons, the right choice depends on your budget, the real estate market and your family’s preferences. If you’re not sure, reach out for guidance. We can also discuss your financing options for a remodel or a new home.