Here is a happy problem: Should you renovate or move? No matter what choice you make, you are going to have something better.
But when you get into the details, both options are stressful.
If this is your decision to make, start by asking yourself whether you like the location of your home.
You might find yourself saying you like the neighborhood, the commute, the access to amenities, and the school district. If so, then ask yourself if your home has the space now to accommodate your needs and, if not, what it would take to make it work.
Changes are an important issue. It’s fun to change the look of a home, but the most important renovations could be functional: roof, furnace, foundation, siding. These cost a lot and aren’t nearly as satisfying, but they are crucial to maintaining your investment.
Cost is an issue. Adding a room can cost $40,000, according to CNBC. Remodeling a kitchen averages about $22,507. A new bathroom could cost $47,000. Of course, it will be important to get a contractor to estimate the costs and the time it will take to make the changes. You’ll be living in a construction zone for a while — consider whether you are willing to do that.
Another thing to consider: the future resale value of the renovations. You don’t want to have a house that doesn’t fit the neighborhood, or your renovations will be worth less.
On the other hand, moving could get you into a house that already fits you. Of course, you’ll have to sell — and pack up and move. That is no treat. But when your lot is too small to add a room or if your kids need to be in another school district, it’s time to move on and build memories in a new space.