Are You Out Growing Your Current Home: Should You Remodel Your Current Home or Buy a Bigger House?

It comes the time every family faces when you realize, you’ve outgrown your current home.  Your lifestyle has changed, you need an in home office, or there just isn’t enough room at the kitchen table anymore.  Whatever the reason it may be there are two options you are left with: adding onto your current home or buying a larger home.  

Here are a few questions to ask yourself before making the tough decision:

What are the benefits of remodeling?  It is usually less expensive than purchasing a new home, unless you’re the type to splurge on expensive extras.  But if you take your time, you can remodel one room at a time and have it done the way you want it without overspending. 

What are the cons of remodeling a home? Dust, dumpsters, drilling, clutters, other excess noise and expense comes with remodeling.  Living in a construction zone is not ideal and can be dangerous depending on the type of remodel.  Plus, you will be sharing your home with many different contractors.  If your budget allows, rent a home to avoid the mess and disturbance.

What are the advantages and disadvantages of purchasing a new home? Buying a larger home is exciting at times and can start a new life chapter for your family and you’ve learned from mistakes you’ve made in your first home.  But it may set you back financially and significantly more than remodeling.  Before you decide, run the numbers to find out how much each option will cost.

Will building a home addition pay off when it’s time to sell? Adding a room because you need space and plan on staying in the home is one thing but improving the home with the intention of selling the home is another.  Depending on the updates you make, you may not see your full investment.