Sell or Renovate? How to Choose the Best Option for Your Family

 The current lack of affordable homes on the market in many cities across the nation means that many homeowners are considering remodeling their current property instead of finding a new home. Before deciding which approach is right for your family, it's important to review these key factors.

The Size of Your Home

First, determine if the key issue in your current home is a lack of available space or a misuse of sufficient square footage. Some homes have a decent amount of space but the layout isn't optimal, meaning the rooms are too small or poorly laid out for daily life. In cases like this, remodeling can change the layout of the floor plan to make it fit your vision. You can rework the interior layout to make a room larger, improve the overall flow of the living area, or add another bathroom. This is much easier and more cost-effective than moving; plus, you don't have to deal with the moving process.

Considering Costs

You might be surprised to discover how easy and affordable do-it-yourself home improvement projects can be. There are a wealth of classes and resources to help you learn how to upgrade parts of the home, both online and in-person at home improvement stores and community centers. Three out of five homeowners have done a home improvement project since 2020 when many of them started working from home and were saving a lot of time due to not commuting. The average amount spent on these projects is $6,438. This can be significantly less than moving to a new home when you factor in moving expenses, closing costs, preparing your current home for sale, and other moving expenses.

Location and Neighborhood

The process of buying a home has changed so much over the years. One of the advantages of looking for a home in the current market is that you can do a lot of research online from the comfort of your home. Almost half of all home buyers search online for available homes and conduct research on where they are located. You can look up the neighborhoods you like and the homes available there online and get the full details before you bother driving out to see them in person.

Public School Options

Related to the neighborhood, you should compare the public schools in your current area to the ones where you'd like to move. If you move to an area where your mortgage is lower, but the schools are not as good, you may end up spending more each school year to get your kids in a private school or drive them to a good school outside your area.

What Can a New Home Offer?

New homes can sometimes offer features and technology that older construction homes aren't likely to have, such as home automation and solar panels. All of these features should be fully detailed and easy to evaluate by looking at the builder's website.

After fully considering the pros and cons of each approach, you'll have a better idea of whether renovation or moving to a new home is right for you. Keep your family and how your children can benefit from either option in mind as you make a decision.