Have you reached a stage in life where your current home doesn’t fit your lifestyle? There can be many different reasons why. Your family has grown and the house is too small. The nest is empty and your home is too big. The tiny pupper you adopted turned out to be a moose of a doggo. The master suite is upstairs and the climb is just too much. What to do? Is it time to relocate, renovate or both?
The market is tight. We’ve been reporting on this for many months. Inventory is low and prices are rising. You may have no problem selling your current home, but will you be able to find the replacement you want? If you think you want to move, do some scouting on the internet to see what’s available in areas you like, and get together with a knowledgeable Realtor®. If you can’t find what you want, there are two renovation possibilities: Remodel your current home or purchase and remodel. More on this later.
You can’t make your house smaller. If you are rattling around in your home, not using rooms, and having trouble keeping up with the maintenance, it may be time to move. If you aren’t ready to move, you may be able to rent out part of your home, either long term or through a service like Airbnb. Make sure you understand the responsibility of being a property host, research any local or homeowners association regulations, and discuss your plans with family or trusted friends. The extra money could pay for home repairs and maintenance, but not at the expense of feeling comfortable in your own home.
I need a bigger yard. Kids, pets, gardening. Outdoor entertaining. Additional room to build a woodshop or RV garage. Bottom line, you need more outdoor space. This is one thing you can’t do with a renovation. You may be able to expand your home, but you can’t expand your land.
I love my home. Emotion isn’t something you can quantify. For many of us, our houses are more than a shelter; they are at the center of our lives. You may feel deep connections to your home based on family history, memories, or the neighborhood. Moving is simply unthinkable. If you love your home too much to leave it, take a hard look at what it will take to make it meet your needs now, and in the foreseeable future. You may be willing to compromise on some items to stay put, but consider carefully. If there are things you cannot change that are affecting your quality of life, it may be time to let go.
What will it cost? There are costs associated with both renovation and relocation. When you relocate, you’ll have the costs of preparing your home for sale, moving (and perhaps storage), renting if you can’t occupy your new home right away, and any work your new home needs. If you renovate, you’ll pay for plans and construction. You also may need to move and store some or all of your belongings, and you may need to rent a place to live while the work is going on. Whichever one you choose, make a budget and allow for unexpected costs.
Financing. Whether you want to purchase a new home, renovate your existing home, or purchase and renovate, talk to a mortgage loan originator about financing. At First Choice Loan Services Inc., we offer a wide range of programs, including a one-time-close purchase + renovation loan. You only have one loan closing so you save on closing costs.
Take your time. This is a life-changing decision that you don’t want to rush. Whatever you do, here’s wishing you a smooth move, a satisfying remodel – or both!