Move or Improve?
These Scenarios Could Help You Decide How to Spend Your Dough, There comes a time when every homeowner will spread their arms, look around, and say,
'This house feels too small.' Perhaps your kids have outgrown their bunk beds, or your partner's startup blew up, and now every inch of your bungalow is occupied.
One way or another, you need more room. But do you break ground on your current home or break your budget on a new house? The decision to move or improve can be complex and emotional.
On one hand, you love your neighborhood and the memories you've made. But on the other hand, you love space. So how do you choose?
The answer depends on your neighborhood, your budget, the housing market, and (sorry) your mom. Here's how to tell whether you should start over in a new place—or transform your existing property.
First, ask yourself the tough questions
You might be salivating over the houses for sale or dreaming of your double-size, custom-built master bedroom—but don't make a snap decision based on a fantasy.
Instead, start by making a classic list of pros and cons. What is it about buying a new home that tickles your fancy? Or does the process stress you out? Are you pumped for renovation—or would you rather ditch the dust?
'Essentially, these are two different paths to the same destination: a home to love.'
The mere act of listing your ideas might make the decision. Maybe your 'move' column vastly outweighs your 'stay' list—but you want that new bedroom, dammit! Then you have your answer.
And if you're struggling still? We've done the heavy lifting for you. Take a peek at the following scenarios to determine whether you should move or improve.
Move: If your city gives your plans the thumbs-down
You've drawn up elaborate plans for popping the top of your two-bed bungalow. But your city might not be on board. Before breaking ground, find out if your proposed idea meets zoning requirements.
'The local government is where you'll need to go to find out if you can even expand your current living space.' To figure out if your new expansion will pass muster, you'll need to gather a pile of documents.
Improve: If your home is unique
Your first house hunt was hard enough. Now you want to do it again? Oh, but where will you find the perfect home? You need only an indoor-outdoor shower, built-in library (of real mahogany), and double-vanity bathroom for the kids.
If your current home already comes with the special features you require, add on instead of buying new.
Move: If your current home is in a seller's market
The best part of being in a seller's market is taking advantage of the seller's market. If your home has dramatically increased in value during your tenure, it could be 'more beneficial to sell your home and buy a bigger and better home than to expand.' But make sure to check with a local real estate agent before finalizing your decision.
Improve: If you love your location
Time for a caveat: Just because your home is in a seller's market doesn't mean you should always sell. If you love your location and home prices are skyrocketing, remodeling may be the only way to stay put in your neighborhood.
Move: If renovating will be an ordeal
Say you're snug in a three-bedroom ranch, but you'd like at least five bedrooms and a new playroom. That's a lot of work. Figure out how big the gap is between what you have and what you want. If it's enormous, undergoing a massive renovation might not be worth it.
Start by considering remodeling costs, the length of time your home will be under construction, and whether you plan to live in the home during construction, recommends. 'A significant remodel project is an extremely big deal—far more involved than would be packing up your things and moving them.'
Improve: If your parents want a say
'But my folks don't get a say in my house!' you might be thinking.
Except when you need additional space to accommodate aging parents. You'll likely be looking for an in-law unit—which can be tricky to find on the market, much less one that said mother-in-law actually likes.
'We deal with many people struggling with this decision,' 'The ones that decided to expand usually have parents that need to move in with them, so there are more people involved in the home-buying process. Not everyone can decide on a house.'
Expanding makes it much easier to take your parents' taste into account by designing an add-on specifically for them.
Move: If you'd be building the biggest house in the neighborhood
Take a look around. Have a lot of your neighbors expanded? Or are they mostly chilling in the original square footage?
'Before expanding, families should make sure they're not adding on in a neighborhood with smaller homes.'
When it comes time to Sell or Buy, We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.
#RealEstateForSale #Homeownership #UtahRealEstate #NewConstruction
Blog Archive2018-12-05 08:02:12
In 2019 Mortgage Payments to Jump 8.4%
Financing for Manufactured Homes Coming
Tale of Dual Markets
Need to Sell Your Home this Winter?
Buyers Pull Away From New-Home Market
Mortgage Loan Limits to Rise in 2019
Home Buyers and Sellers Should Watch in 2019
Townhouse Construction is Expected to Increase
Cities With Oldest, Youngest Homeowners
Overall, December is the Best Time to Buy a Home
Sluggish Home Sales came to an end in October
How to Pet-Proof Your House for the Holiday Guests
10 Great U.S. Ski Towns
A Way to Keep Aging Parents Close to Home
Huge Mistake to Take Your Home Off the Market for the Holidays
Best Mortgage Advice I've Heard, Ever
Tips to Help You Avoid a Rental Scam
Buying a Home?
Mortgage Rates Rise this Week
Cheaper the Home
Building Credit History From Scratch
How to Get a Mortgage Without Freaking Out
Home Prices Are Decelerating Not Falling
First-time Homebuyers Transition from Renting
Click here to see ALL articles.