Staying and fixing up your old home or deciding to sell and purchase a new home one can be a difficult choice. The saying “out with the old and in with the new” can’t easily be applied to such a situation. Especially when it’s a home that has been a part of your family history for quite some time. Deciding to pack up your memories and everything you own and move is a hard decision. However, there are times when you simply have to walk away. Here are just a few things to consider:
- Costs-It doesn’t matter how much, or how little money you make, you should be concerned with what the renovation costs might be in comparison to buying a new home. You also want to keep in mind how much equity you have in your current home and how much value a renovation may add to it. Figure out what your budget is and stick to it. For some people, convenience outweighs cost, but you don’t want to end up in a financial bind because you made the decision that sounded easiest.
- Age-This applies to the home, as well as the people living in it. The age of the home has a lot to do with any possible renovations which clearly leads to cost concerns. As for the household members, whether elderly or newborn, is there enough convenience for everyone to get around and will staying or moving mean comfort for everyone involved? And if making the decision to stay, is it possible to ensure that all renovation needs can be met without going over budget?
- Needs-You are clearly considering this for a reason, if not several. So take some time to sit down and really think about all those reasons. Is your family expanding? If so, how deeply rooted are you in your neighborhood, and is there room for expansion in your current home if necessary? Try writing out a list of pros and cons for either decision, and talk with those that may help in the decision making process. Often times, your gut will end up speaking the loudest.
Figuring out if you should renovate your current home or buy a new one, regardless of whether it’s because of an addition to the family or constant financial woes, there are many factors that must be considered. While there is no clear cut answer, it’s necessary to give it as much thought as possible and make the best decision for you and your family.