The ongoing pandemic has many people reconsidering theirdwellings. Maybe you've outgrown your starter home, your family dynamic has changed, you need dedicated space for all the work-from-homemembers of your household, perhaps a home gym is in order, or you dream of a relaxing outdoor spaceand you find yourself wondering if you should make a move or make some upgrades instead.You could look for a new home that meets all of your current needs or you could turn the home you already love into the perfect home once again. Ask yourselfthe following questions todetermine if you're ready for a move or if it makes more sense to stay put and love your home as it is or make a few changes.
HOW ATTACHED ARE YOU TO YOUR HOME?
Emotional attachment can play a major role by tugging at your heart strings every time you ponder a move. If you have a strong emotional connection to your home, then renovating will be the feel good solution. If you don't feel connected to your home or there's just too many complaints to overcome, then a move might make more sense for you.
HOW MUCH DO YOU LOVEYOUR LOCATION?
Do you love your neighbors, the nearby park, oryour morning walk? Unless you happen to find the perfect home for sale next door, you'll need to remodel to hang on to all of these location based perks.
IS A RENOVATION PROJECT FEASIBLE?
Does city zoning allow for the type of renovation you want to do? Is the wall that you want to remove load bearing? Do you have enough space on your lot for an addition? Are you able to build up on the existing structure? Sometimes the project you have in mind just isn't possible. It's better to do your research up front and find out sooner than later if your current house and lot have what it takes to morph into your ideal home. In some cases, like wanting a bigger yard, a move is the only way to acheive your goals.
IS A MOVE FEASIBLE?
Moving seems like the easy choice if your house isn't meeting your needs, but moving can also be costly, time consuming, and stressful. Judge for yourself if it's worth the trouble or if a few changes could make you fall back in love with your current home.Sometimes it's as simple as a few cosmetic upgradesto make you swoon again. Also, look at homes for sale that meet your needs. Are they in your price range? Are you seeing homes with the features you're looking for?
ARE YOU WILLING TO LIVE IN A CONSTRUCTION ZONE?
Living in a home that is under construction adds stress to daily life. The scope of the project, rooms affected, and the time it will take to complete are all factors to consider when deciding if you can live amongst the chaos, if a short term rental makes sense, or if a move will be the path of least resistance. Keeping kids and pets out of the danger zone adds another layer of risk to home renovation.
WHAT IS THE MARKET LIKE?
What is your home currently worth and how much equity do you have?How much housing inventory is available for you to preview in the areas you'd be looking? How long are houses sitting on the market? How quickly are homes selling in your area? Can you buy first and then sell? Will you require a lease-back from the buyer? These are important questions to consider before making the choice to move. Your Corcoran Perry & Co.Realtor is a great resource for educating you aboutmarket conditions in the neighborhoods you're interested in and will be happy to providea current market analysis of your home.
Whether you dream of a gourmet kitchen, a new deck, or just a little more space, the decision to move or remodel requires thoughtful consideration. Every situation is unique andonly you can decide if it's time to pack your bags or if your current home still has potential.
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