At one point or another, every homeowner eventually decides they want to either add something to their home, or renovate it one way or another. For a permanently-established residence, this can be one thing. But if your family might very well move out in five to ten years anyway, then the question becomes a different one altogether: should you renovate or simply get a new home right off the bat? There are obviously a variety of important factors that are going to influence a very large and weighty decision like this, and it’s not one that’s to be made lightly. Here, we’ll go over a few of the most important things to consider when you’re deciding to renovate the home you’ve got or simply find a new one for you and your family members.
Know Your Financial Situation
Plenty of different factors should be thought about when you’re considering when you want to invest in renovations or simply buy a new place for your family. Chief among them is all of your financial situation. You’ll want to really look at the big picture before you get to making any real decisions, so analyze your family’s financial situation and compare it to the finances you’ve got tied up in your home to determine which is your best option.
Assess The Renovation Size
Also, consider the degree to which you’ll have to renovate if you remain in your current home. If the repairs you’ll need to do are expansive and expensive, then you might want to consider another home. On the other hand, if you’ve got more than enough money and are something of a construction junkie or handyman anyway, then you might have a great months-long project on your hands.
Consider Aftermarket Value
Another serious candidate for consideration is any aftermarket value your renovations or additions might add to the home itself. If the things that need fixing anyway would wind up adding some serious value to your home, then why not? This is applicable whether you intend on staying there for years to come, or might very well sell within the next decade or so. Adding and renovating things on your home can be expensive, but if the added value will outweigh the initial costs, then you might very well consider it a solid investment.
Look Into The Future
All of this brings us right back around to what we talked about earlier, of course. Knowing about your financial situation in as much detail as possible will help you assess whether or not the investment of renovating is a good one for you, and it’s also very important that you consider the local housing market. How is it doing now? More importantly, how will it do in the future? These things are very important when you’re considering anything from replacing your storm gutters to installing custom fountains in the front yard.
Either way, you’ll need to know exactly how your home’s value will be impacted before you make the decision to renovate. Arming yourself with as much data as possible is the key to making a solid decision, and when your family’s home is such a big factor, solid is the only kind of decision you’ll want to be making.
Have you crossed this road before? What did you do?