Time to Move or Improve Your Home?
As the number of family members living in your home ebbs and flows you may be in need of more or less space. Maybe you need additional bedrooms and bathrooms. Or maybe you want your current space to be more functional. Either way, the situation leaves most asking if they should find a new home or remodel their current one.
I’ve been a licensed general contractor for over thirty years. In that time, I have seen many families and individuals struggle with this proverbial fork in the road. The right answer is different for everyone but answering a few questions can provide clarity on whether you should move or improve.
If space or regulations prohibit you from building upwards or outwards, your options are hunting for a house or redesigning your floorplan. The ladder option, changing your floorplan, would depend on your existing layout. Often, walls can be removed, and doors can be re-positioned to allow for more living space.
Don’t forget to consider things like proximity to work, school and family as well as traffic patterns. If the idea of staying in your current area comes with more advantages than disadvantages, you should discuss your remodel options with a professional – especially if you enjoy your neighborhood and foresee it being a good fit for the coming years.
Even people who intend to live in the same home for the rest of their lives often find that work says otherwise. Try to imagine where you will be working in a few years to determine if a move or renovation would be more beneficial. If retirement is in your near future, you will want to consider future finances, because California ranks as the second most expensive place to live in the nation, just after Hawaii.
Also, you will not get all of the money back that you put into a house, so I often recommend that if you don’t intend to stay for at least five years, don’t put the money into it.
Perhaps you have an adjustable rate mortgage that has been creeping up each year. Maybe your property taxes have gone up an outrageous amount. Even if you can afford these expenses, it may not be worth it if you consider the amount of house you could be getting elsewhere for the same amount of money. I suggest you do a little research if you find yourself in this boat.
Another thing you will want to consider is the age and overall condition of your home. You may be coming up on a time where various items need to be replaced, such as your plumbing, roof, or hot water heater.
While there are plenty of other factors you need to consider before you decide to move or renovate, I hope these questions help get your wheels turning. This blog is taken from my book, “How to Select the Right Home or Building Contractor.” Pick up your copy on Amazon today(available at the link above).