Should You Remodel or Move?

If your home needs a facelift or you're just looking for a change of scenery, it might be time to explore whether remodeling or finding a new place is the better fit.  It can be difficult to make a decision if you don't have all the facts.  Start by looking at your equity and current market value of your home.  Knowing what you could net from a sale after closing costs helps you understand your true buying power if you decide to move.  Also consider your quality of life and daily conveniences.  Do you need to be closer to the airport?  Is the commute to and from work getting to be overwhelming?  Will a remodel deliver the comfort and functionality you want, or would a new home better align with your current life situation?  

Before making a decision:

• Browse stores that speak to you to understand the cost of materials you want should you choose to remodel.  
• Obtain at least three estimates from contractors to compare the true cost of remodeling, then add another 10% for unexpected issues and change orders.
• Talk to local experts. A real estate agent and lender can help you understand both sides of the equation.  Applying for a home equity line of credit might be useful. 
• Tour open houses in neighborhoods where you'd consider moving.  It’s the best way to compare what’s possible in your price range.  

Sometimes staying put makes sense. Other times, moving opens new possibilities. The right choice depends on your goals and lifestyle. Having a clear view of both options is the best first step.