Your home is where you can go to feel relaxed, have fun, and spend time with those you love, people, and pets. But life changes and a time may come when you find yourself wondering if it’s still a good match for your current home or condo. When thinking about going to a new home versus upgrading the one you already have, here are some questions to ask.
A big change in lifestyle, such as marriage, having kids, or adding stepchildren, can make your house feel too cramped. Can you add on using the current footprint if more room is required? For the neighborhood, will an additional room or two be suitable? You don’t want to count a bedroom or bathroom that’s out of line with similar properties in your area. Work with an architect who is willing to do a rough sketch and maybe get building estimates. Pensive, professional additions will increase the value of your home and make it more livable.
Am I in need of less space?
You may find that your home is now too big for your lifestyle if you’re newly single or an empty nester. Consider two options: transform the empty room into something you’re going to enjoy or look for a smaller home that’s more appropriate for your needs. You might really enjoy hosting out-of-town friends and converting a bedroom or two into a luxury guest suite. Perhaps it would be pleasant for a home gym, wine room, or game room. Or are you trying to get rid of a two-story house and instead find a ranch? Does the less is enough” concept feel like a relief? A perfect way to determine which path to take is to envision your ideal future lifestyle.
What is my building tolerance?
Can you handle living in a renovated home? How long would it take? What if delays occur? Some homeowners are alright with living in a building zone, but it’s literally out of the question for others. Think of the dust, mess, noise, and other inconveniences that come in and out of your home with other citizens. Estimate how long it would be tolerable for you. Some people would like to just pass, and that’s absolutely okay.
One thing that a remodel can’t do is changing the place of your house. If you’re satisfied with your commute, have your children set up in neighborhood schools, or have a deep love for your current region and neighbors, then moving could cause more problems than it solves. Conversely, if your place could use some change, check with a real estate specialist to see if your budget includes homes in your ideal neighborhood. Having your heart set on a locale that is out of your price range is no use.
It’s not always simple to make the decision to remodel or transfer. Our loan professionals at Team JetLending would love to walk you through any various refinancing or renovation loan choices if you think of remodeling or moving. We’re here to consult and find ideas in your house that makes you happy.