Your family size might be growing, a friend or family member may need to live with you, children leaving home or you experience a sudden change in financial circumstances – for whatever reason, things do change and you may be looking to move.
Now, we all know it’s not cheap to just up and leave, nor is it easy. Due to the strong house price growth and the high cost of moving, it seems to be more cost effective to improve your current home rather than selling it.
When it comes to making those big decisions in life, nobody can tell you what to do or what the right decision is. But there are questions you can ask yourself that can help give you the answer you are looking for, such as, considering the benefits of improving your home rather than moving, as well as looking at your current location and financial status.
Extending your home to save money can be a greater benefit in many ways. If you have unused space around your home, it could work as a great potential for a financially viable home improvement project. Consider a Steel Masters Quonset Hut, offering you more space for whatever you need, whether it’s an extra room away from the property or simply a storage solution.
Start by making yourself a list of upgrades and improvements that need doing to your current home. You may even be able to do these yourself. However, if your family is growing you might want to add another room or bathroom or if you are often cooking at home for large groups of guests, you might need a little more space and some new, updated kitchen appliances.
You might also consider hiring a professional lawn care company to maintain your yard before listing it for sale. The better shape your lawn is in, the greater its curb appeal. After all, the first thing potential buyers see is the outside of your home and by having your lawn mowed, watered, free of weeds, and in overall outstanding condition, you can provide a great first impression. And, if you choose not to sell your home, keeping your lawn in excellent health will make it a more appealing place in which to live.
Then you need to estimate the home renovation costs, which can be tricky but don’t panic, there is plenty out there to help you such as quotes from different companies to help you to estimate how much your improvements are going to cost. Alongside this you need to work out your budget and how you are going to pay for these renovations. Many homeowners fund their improvement projects with a mortgage refinance, which is essentially another line of credit or they use their personal savings.
If you want to sell your home, you may to have to pay for major renovations on the house itself before you can put it up for sale. After an estate agent has been round, they may pick up on bits and pieces that will lower your selling price. You also have moving expenses to consider and possibly travel costs in your search for a new home in other areas – all of which will add up quite quickly.
With these costs added together, you can expect to pay thousands of dollars before you have even moved into your new home, not mention you will also need a down payment too.
It’s also important you factor in your emotions when it comes to this decision. If you’re not happy with your home, location or neighbours for whatever reason, it might make sense to move. Whereas if you love where you are, it will make more sense for you to stay and improve your current home.
As a homeowner you need to carefully weigh up the choice of remodelling and moving. Consider the financial and emotional effects of both options and you can confidently make the right decision.