The question is: Should You Renovate Your Home or Move On?

To move or not to move, that is the question. Maybe your circumstances or tastes have changed since you bought your home and you may be wondering if it is worth the time and money to renovate or if you should invest in a new home. While you consider your options, below are some things you may want to ponder:

 

You May Consider Renovating If You:

 

  • Love Aspects of Your Home You Can’t Find Elsewhere

If the only thing you dislike about your home is your kitchen or unfinished basement, do not go house hunting just yet. Take an inventory of the things you love and consider the possibility that a new home may have that dream kitchen but could be missing all of the other things you love about your home.

 

  • Value Your Current Community and Current Commute

While home is where the heart is, the community also plays a large role. Do you love your quiet street? Do you have kids enrolled in the local school? Are you close to your favorite stores and restaurants? Does your work commute allow you to have a decent work-life balance? These are major factors to consider especially when moving kids from one school district to the next.  

 

  • Believe Your Return on Investment Is Worth It

Not all home renovations are created equal, so you need to be sure remodeling is going to give you enough bang for your buck, even if you are using your home’s equity to finance it. According to a 2020 Remodeling Magazine study, you will get the least ROI on a master suite addition and the most on a garage door replacement. So, while your renovation should add to your enjoyment of your home, it should also add to the value. However, if the money spent brings you comfort and enjoyment, then renovation would be the way to go.

 

You May Consider Moving If You:

  • Have a Laundry List of Things You Do Not Like About Your Home

If your home renovation projects outnumber the things you love about your home, you may want to consider moving. While funding a few projects to create your dream home seems reasonable, the cost and stress of renovating your entire home will add up quickly.

 

  • Want to Move Somewhere Different

You know what they say about real estate: Location, location, location. Finally, the ideal house you have been looking for is on the market and offers almost everything that is important to you and your family. Coupled with the things you do not like about your current home or community, this may be the ideal time to consider moving. 

 

Can Afford More Home

  • Maybe you have significant equity in your home that allows you more purchasing power and finally you can upgrade to the neighborhood you always wanted to be a part of. The best place to start is with your financial institution. They have experts on staff who can walk you through the process. In addition, tools such as the mortgage calculator will help you determine what you can afford. If the math adds up, it could be the right time for a move.

Whether you decide to turn your house into your dream home or purchase another one, lenders such as Suffolk Federal offer both renovation and mortgage financing solutions for you. Whichever option you choose, let us help you make your dream home a reality.

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