If your home is feeling too small or too outdated, you may have outgrown your house. You’re probably weighing your options between renovating your home and moving. At Straight Line Construction, we talk with people in this conundrum all of the time, and help them think through their options. If you’re trying to decide between moving and remodeling your home, here are some things to consider to help make the choice that’s right for you.
A Remodel Can Completely Change Your Home
You may think of a remodel as making changes to your home’s existing structure, but with a remodel you can reimagine your whole space. Whether you need to add rooms, completely update the entire house, or focus on some main areas of concern, a remodel can accomplish that. The sky is truly the limit when it comes to remodeling, it all depends on your needs, style, and budget.
Location, Location, Location
The one thing you can’t change about your home is where it’s located. If you like where your home is but not the home itself, renovating could be the right option for you.
Interest Rates are High
The average mortgage rate for a 30-year fixed loan is now at 7.24%. This is more than double the 3.22% rate seen at the start of the year. While the market may seem to be cooling off, housing prices have only dropped by 1.6% since January. Housing prices are expected to decrease over the next few years, but are still elevated at this time. When you factor in the higher market prices, higher interest rates, and the cost of the move itself, renovating your home might be the less expensive option.
Your Home Holds Memories
It’s important to fully consider your emotional attachment to your home. Especially if you’ve lived there for a long time or raised children in the home, leaving can be more difficult than you expect. Take the time to fully explore how moving will make you feel when deciding between a remodel and a move.
Moving is a Big Adjustment
Moving is always a big adjustment, especially if you’ve lived in your house for a long time. If you have kids, would they need to change schools? How would your work commute change? Do you have close neighbors you would miss? These are all things to consider before putting your house on the market.
Straight Line Construction is Here to Help You Make Your Decision
We’re here to help you make an informed decision. If you’re unsure of whether to remodel or move, we can help you see the possibilities for your existing home and establish an idea of the costs involved in renovating. This way, you can determine whether it’s possible for you to fall in love with your home again, and have more information to compare the costs of moving and remodeling. Contact us today to get started.