There comes a time for many people when they need or desire a change in their living situation. Whether it’s moving up, downsizing, remodeling, or updating, these are milestones that are common to hit. On HGTV there is a show called “Love It or List It” that addresses the age old question of whether or not to revamp your current home or move on.
So how do you decide if you should stay or you should go? If only it were as easy as playing with a weighted scale of pros and cons. Here are some considerations that may help make the choice a little easier.
Location
Will location ever not be a factor in real estate? I think not. Is the location one you are willing to sacrifice? When it comes to gaining more room, it is important to look at more than just the location but the space you have to work with. In some cases, there simply isn’t enough room to gain needed space. For example, with condo owners, adding square footage is generally not an option. You may be able to rework the layout and find ways to increase efficiency but the odds of that are slim. As another example, if you live in a home that hasn’t been updated since the ‘90s but the location is ideal for you, it may be more appealing to give your home a makeover rather than to search for another property.
Cost and timing
Have you ever heard that you should budget more money and time for a remodel than you initially planned? While that is not always the case, all too often there is some truth behind it. Make sure to calculate your budget and factor in some overages to see if that will help you produce what you are hoping to create.
Economic Factors
Is now a good time to buy or is it more sensible to remodel? By looking at interest rates you can see if buying now makes better “cents”. Also consider the real estate market to see if remodeling is appropriate in your neighborhood. It may not be the best idea to overbuild or become the biggest house on the block. Another crucial thing to look at is the real estate inventory. Does what you are searching for exist? And is it in your budget?
If you are tossing around this choice, what do you think you would do – Love your current home or leave it for a new adventure?
By Holly Schwartz
Holly Schwartz is a realtor with Villa Real Estate who lives in Eastside Costa Mesa and has been featured on HGTV’s House Hunters.
