Owning a house is an essential component of the American Dream, as it offers families a host of benefits, such as the ability to build wealth over time and possible long-term savings over the expense of renting a property.
When you find that your current house no longer satisfies your lifestyle, you have two options: move to a new area or upgrade your existing residential property. If you’re unsure which choice to make, here’s a guide to help you come up with a well-informed decision.
Moving to a New Home
If the work involving in upgrading your home is too extensive, perhaps you should consider relocating to a new house. This entails selling your existing property and buying a new one.
Relocation offers various benefits, including:
- Better Property Deals – Moving to a new home allows you to score excellent deals. You’re likely to come across fantastic offers, as home prices across the country are going down by two to three percent. A steeper decline, in fact, may be possible.
- A Fresh Start – If you want to start from scratch or expand your social network, relocation may just be what you need.
- Better Long-Term Career – Moving to a better location could boost your job or career opportunities, especially if the area has a low unemployment rate and a bustling economy.
Relocating to a new house may be for you if:
- Money isn’t a problem
- The opportunity for career growth exists elsewhere
- You want something different in life or feel the need to break your routine
- The housing market is favorable to buyers
Remodeling Your Existing Property
This involves creating a better home you want in your current location. You could pay for a home upgrade by spending cash or getting a renovation loan (or a similar type of loan with low interest).
Whether you’re planning to do small, cosmetic changes or large home improvement projects, you’ll find that remodeling your property offers these benefits:
- Stability – Upgrading your house and staying put mean having the same neighbors, taking your kids to the same schools, and shopping in the community mall. Remodeling enables you and your family to stay in comfortable surroundings.
- Opportunity to Personalize – A home upgrade lets you change the structure or appearance of your property according to your preferences.
- Improved Home Value – Certain remodeling projects bump up the original value of your property.
You’ll know that a home makeover is the right choice for your situation when you meet one of these conditions:
- The neighborhood you’re in offers the necessities and amenities you need to live comfortably
- The value of the residential properties in your community are going up
- You’re thinking of staying in the same area for years or decades
- You love your routine and won’t mind seeing the same faces or buildings in your area
When faced with the choice to move or remodel, remember that there’s no correct answer. It will depend on various factors, such as your financial circumstances, the decision of your family, and location. If you need a second opinion or professional advice for your situation, you could consult a contractor to see if getting the home upgrade you want is possible.