Moving can be both exciting and stressful at the same time. The thought of packing and sorting through your life’s collection can seem daunting. At the same time, your house has become too small with your growing family or totally out of date and would require a complete remodel. So what is a person to do? That is a good question. Before you consider buying a different piece of real estate let us look at if it is reasonably feasible for you to stay in your current home. Here are a few questions to ask yourself.
Should You Stay?
1. How emotionally bonded are you to your house?
Emotional sentiment can play a crucial role in your decision. If you love the neighborhood, the schools, your close neighbors and the amenities of your subdivision then it may be hard to relocate. So that is an essential factor to consider.
2. To be comfortable in your current house do you just need more space or more rooms?
Simply organizing to use space more efficiently is one thing but adding more square feet to your home can be a costly addition to the budget. This is when it is time to get out a pencil and paper and list the costs of the square footage that needs to be added and the approximate costs. Keep in mind that with a remodel there are a lot of hidden costs that are not known until the house is well into the rebuild process.
3. What will be the return on your remodeled home investment?
One essential factor to look at is are you going to overinvest in your home and not get the money you put into it back out. Everyone wants to turn a profit when selling their homes.Many times homes that are upgraded do not bring a higher sale price to cover the costs of the upgrades. Let us illustrate this point. So you need another bedroom or about 350 square feet. That room is not too big or too small if you consider the walk-in closet in that square footage. There will need to be some changes to the roofline; the exterior brick is no longer available so you will have to choose a complimentary exterior to use for the new room. Other than that it is a basic room addition. So you tally up the costs according to the home advisor that will range from $20,904 -$67.480. This is just an average. It depends where you are located, who will do the work and what permits and licenses are required for your area. Then as in most older homes, the kitchen needs a complete overhaul. According to the home advisor the average kitchen remodel is about $150 per square foot. Once you get all of your calculations required together you can reasonably decide if moving is a better option.
Should You Go?
1. What will it cost to buy a home will everything you need?
Take a drive around some of the areas you would consider moving your family to. Make a list of the areas and find out how much some of the homes are selling for. Take note of the amenities that you are looking for and how much houses with those amenities are costing.
2. How much will it cost to move?
Even a little move across town can be expensive. It is a lot more economical if you pack up your house in boxes, get a few friends together, some pizza, rent a large truck and move over a weekend. There are still costs to the move that need to be added into the equation.
The choice is yours to move or not to move. If you decide to move, you may choose to hire a part time real estate agent as opposed to a full time Realtor. A local real estate agent can sell a home faster than you can sell your home yourself. Don’t forget to consider making some upgrades to your home, like replacing the roof, or a staging your home appropriately, so your house looks desirable to buyers. The choice is yours, get working on the costs to make the right choice.