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Should I Move or Remodel? – The Ultimate Checklist

It often happens that you stay in a place but no longer like it. So how do you decide what to do? Should you put your home up for sale or give it a mini makeover to refresh its look and functionality? Below are the essential questions you should answer while deciding the fate of your home.

  1. Emotional Attachment – It is said a house is made up of bricks and beams, while a home is made up of hopes and dreams. If you have a strong emotional connection to the home and neighborhood, you should think twice before moving out. This can often be related to how long you have been living in your current home and proximity to your loved ones. Unless you have the option of moving to a new house within the same neighborhood, you most likely don’t want to get rid of your existing home.
  2. Renovation period – Renovating your home can be a huge inconvenience, considering the extra noise, dust, privacy constraints and reduced space around your house. If your home requires massive reconstruction and the projected renovation time is enormous, it might not be worth staying in. Small modifications which require less time and effort like creating additional rooms to get more space can be accommodated in a renovation.
  3. Budget – Work with an experienced home remodeling company in your area to create a realistic estimate for all your upgrade needs. Homeowners who have the ability to make realistic budgets and stick to them can opt for renovation. However, several people keep adding to the wishlist, which leads to a significant addition to the final bill. Many people start with a specific figure in mind, but it changes as the remodeling gradually proceeds, significantly blowing up the budget.
  4. Relative Costs – Selling a home includes additional expenses like agent fee, moving expenses, search costs and down payments. These costs should not be ignored and compared in totality to the renovation cost and the overall return on investment.
  5. Most importantly, Do What Makes You Happy – It is easy to determine if you need relocation or a remodel. What is difficult is determining how best you can achieve it. One must carefully weigh the pros and cons of each option and decide what makes you happier. 
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