If you've grown dissatisfied with the home you live in, you may wonder if buying a new home or remodeling your current one is your best option. Each has its pros and cons, and the right answer depends on your particular circumstances as well as the real estate market in your area and in the one you might move to.
Our real estate agents recommend taking the following steps to determine whether buying or remodeling is best for you:
- Determine the Cost of Each
Buying a new home means you'll have to pay costs such as moving expenses and making sufficient repairs to your current home before putting it on the market. In addition, if you're upsizing, you may have a larger monthly mortgage payment, higher property taxes, and a larger utility bill. On the other hand, remodeling means you'll pay for materials, labor, and possibly a permit and architectural plan. In addition, if you finance the cost of your remodel, the interest you'll pay on the loan will also add to your eventual cost.
- Consider Your Neighborhood
Do the changes you'd like to make generally line up with what other homes in your neighborhood have? Neighborhoods generally have an upper limit of what homebuyers will pay for a home there, even if it comes with more amenities. If you exceed the top of the market for your neighborhood, you may find that in the future, your home sells for less than you would expect. So if your planned improvements would effectively price your home out of your neighborhood, moving may be your better option.
- What Would You Change?
If you're dissatisfied with your current home, take the time to figure out exactly what you're not happy with. There are some things you can change fairly easily, while others are more difficult or impossible. For example, if your home is too small to suit your needs, you may be able to expand your living space by converting a garage into a family room or bedroom. But this kind of renovation can be costly. If you don't like your home's location, that obviously can't be changed. But if you're tired of the decor, your kitchen appliances, layout, or other similar issues, a remodel can probably address the problems.
- Consider Possible Lifestyle Changes
If you're making a move that takes you out of the neighborhood you currently live in, moving into a new home may involve some lifestyle changes. You may have a shorter or longer commute, and if you have kids, they may be attending different schools. In addition, you may have attachments to the community and neighbors or family that lives nearby. If you already live in a community you know and love, renovating or moving within the same area may be the best option.
- Research the Real Estate Market
Our real estate agents can help you gauge the current state of your local real estate market. For example, they can let you know what comparable homes in your area are selling for and how long they're usually on the market. Would your home be appealing to buyers with just a little sprucing up, or would it require more extensive improvements? This information can help guide you in determining whether buying a new home or remodeling is the best choice.
Contact us today if you'd like to see Raleigh properties for sale. Our full-service real estate agency is locally owned and operated, and we take pride in putting people first.