Many times we are in the position where the house we bought years ago is outdated and want to change things up.
The big question arises. Do i just move to a newer house or just remodel the house I already have?
This is a big decision and requires multiple things to think about so today we will address some of the things you may already know or not know in order to help you make the right decision.
FIND OUT ESTIMATES FROM THE DIFFERENT CONTRACTORS YOU ARE ABOUT TO HIRE
Before making a decision, ensure that it is an informed decision. Shop around and look for the estimates for the jobs you need done. If you don't want to spend too long trying to find different contractors, you can hire a full service construction company to do that for you. After adding up all your quotes look at how much it would cost and see whether that would be as much as a down payment for a new home.
LEAVE ROOM FOR ERROR
If you're hiring different contractors for jobs, some of them might charge you extra by the end of the project because they kept adding different things that needed to be done. Check out our blog- (Beware of cheap estimates) to read on this matter.
In this case, you may end up paying an extra $10,000 for your entire home remodeling project.
So before making the decision, think about, "What if the project cost me an extra $10,000 on top of the quotes. Would it be worth it?
FIND OUT THE MARKET VALUE OF YOUR HOME
Maybe you want to remodel your house before you sell it because a friend told you it would increase the value of the home and you can sell it for more.
Talk to a professional real estate agent and find out by how much the value of the house would increase if you were to renovate it. In some cases you'd be surprised to find out that the price you paid to remodel didn't increase the value of the house by as much as you expected.
SEARCH FOR PROPERTIES
A lot of the times, you may not want to move from the house you already have because it's full of memories and you can't let that go.
Think of a new house as a way to create new memories and start over.
If you decide to stick with the home you already have, hire a team of trusted professionals to renovate it. The last thing you need, is a team of untrustworthy people that can do the job for very cheap and make things worse.
TRUST YOUR GUT
At the end of the day your home is your home and nobody can make this decision better than you. So trust yourself and your judgement and don't look back.