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Should You Relocate or Upgrade Your Home?

Moving to a new home is never easy. Also, it’s challenging to complete a renovation project. What’s more frustrating is choosing between the two or determining which is more practical. If you’re in this dilemma, confused about how you can accommodate your changing lifestyle, ask yourself these questions and pick the right path:

Are you deeply attached to your home?

A lot of people say that emotions shouldn’t play a part in big life decisions because more often than not, they cloud your judgment. But the truth is, you can’t help but have feelings. They will always be there. They’re part of your being. Instead of pretending that you can be entirely objective about this decision, acknowledge your emotional leanings or biases. This way, you can learn how they shape your decisions.

Now, when you process your emotions, you’re particularly weighing how attached you are to your home. Do you have a strong sense of affinity to it? Would you regret being away from your neighbors? Would you miss the community activities in your village? If you said yes to all these, it’s better to renovate than relocate. Work with an architect to know how you can maximize your home’s functionality. Take advantage of your home equity as well to pay for the remodeling project.

Is your budget strict or flexible?

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Whatever you choose, you’re going to spend lots of money. Your budget is one thing that you need to keep an eye on. The general principle is that if you have a tight budget, it’s better to relocate. If it’s a little flexible, then it’s okay to go for an upgrade. When you buy a new home, you can calculate the costs from the get-go: mortgage payments, closing costs, and property taxes.

On the other hand, remodeling has a lot of unexpected costs. For instance, you might be planning to accommodate two more rooms, but upon inspection, you see sunken or sloping floors or some damage in the foundation. You then have to consult experts in concrete foundation repair. You need to be prepared for such expenses. When you decide, determine if your budget is strict or flexible.

What’s your deadline?

Your timeline is also an important consideration. Both choices take time, but relocation can be simpler than a renovation. A month is enough to declutter, pack, and say goodbye to your neighbors. When you renovate, it will stretch to a couple of months. For instance, a kitchen remodel, which consists of replacing floors, countertops, and appliances, requires three to six months. It will extend when you need to address plumbing or wiring issues. When building another room, you can give the project a month or two.

If you want to settle in fast, you should relocate. If you can endure the extended period, stay and upgrade. This is one of the trickiest decisions that you have to make as your family grows. But the right choice boils down to how you feel and what your budget is. Remember these things as you make this tough decision.

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