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Sometimes it is easier to move into a new house that has less work needed to be done than to stay in the one you currently reside in. Renovations can be expensive and time consuming. How do you know what you should do? What kind of criteria will affect your decision?
Ask yourself these questions to help you decide what’s best!
How do you feel about your neighborhood?
Do you like the area? Is it somewhere you can see yourself being for 10+ years? Is it close to a school or work? Do you like your neighbors? It is really important that you recognize a good neighborhood when you live in one. Don’t lose it just because you need to do some fixing up!
Memories can last a lifetime, but can your house?
Some homes are close to the heart, whether you watched your first born grow up there, or it was you and your significant other’s first home. Sometimes if this is the case, it is better that you renovate the small stuff (or big stuff) rather than giving up those memories for a new home.
Can you afford to renovate or relocate?
If you plan on renovating, obviously the cost can add up over time. Depending on the size of the project, you may have to factor in costs for living somewhere else during the renovation. If you choose to buy a new house, there is a chance that your newer house will be more expensive than what your current one sells for. You would then add that cost onto your new mortgage loan. Another thing to think about is the cost of moving.
Patience is a virtue, can I do it?
Either way, building a new home or renovating your existing home will take some time. Every little detail matters when you are choosing what you should do. Is time of the essence, or should you hire a professional for help? Sometimes it is easier to defer the stress and let someone else handle the renovation or prepare your new home. It just depends on how much time you are willing to wait for the finished product!