If you have a growing family, or just if you're starting to feel that your home is not quite meeting your current needs, you may be thinking about moving. However, there may be situations where you don't want to go through all the processes involved in a home purchase — and may instead be considering remodelling your home, or even building an addition onto it.
How do you know which options would be right for you? There's no one-size-fits-all answer, but the following issues should inform your decision:
Understand your market
First and foremost, you need to think about what kind of upgrade you'd be looking at if you were to purchase a home. NerdWallet noted that if you live in an area with a particularly high level of sales activity, that might truly skew things in ways you can't always anticipate. For instance, if you're looking for a home with more bedrooms, you have to consider both what such a property would cost and what you will be able to get for your current home.
Know what you hope to gain
Meanwhile, you also have to look at what your goals are for your home, whether it's the current one or something you're hoping for. If, for example, you're feeling as though your current setup is a bit tired, you should look at what it might cost to completely renovate your kitchen or bathrooms, or the price of building an addition to create more living space.
Look at the hidden costs
For moving in particular, the cost associated is obviously going to be steep, but it would be defrayed by the sales price of your current home. However, there are hidden costs — both financial and in terms of time and energy — that you have to consider, according to The Zebra. You even if you find the right home and your bid is accepted, will have to go through both a sales and purchasing process (often at the exact same time), which can be trying. Plus, there are expenses you might not be thinking of, such as what you have to pay movers, or the fees associated with obtaining a new mortgage.
Are you prepared for a renovation?
If you think all you'll need to be happier in your current home is a renovation, you have to consider what the process is like. In many cases, you may have to move out of your current home for a few days or even a few weeks, depending on the scope of the project. After all, you would likely be temporarily losing use of highly important rooms, and being around active contracting projects isn't always pleasant. That, too, comes with an expense and hassle.
Do you have control?
When you're remodelling, the changes you make can be rather drastic (although obviously limited by your budget). However, The Simple Dollar warned that if you're moving, there's a strong possibility that you won't be able to get exactly what you want — and therefore may have to remodel in the future. That, in turn, may steer you back toward remodelling or building an addition.
Whenever you are looking to make a major decision about moving to a new home — for any reason — it's vital that you have an experienced real estate professional by your side every step of the way. At Ray White Surfers Paradise, we can help shepherd you through the entire shopping and purchase processes, answering questions and otherwise giving you the guidance you need, when you need it. Get in touch with us today to learn more about what we can do for you if you choose to make a new purchase.