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Home is where the heart is! Americans love their homes. Our homes reflect a source of pride, community and family ideals. But, the longer we are in our home, the greater the chance we will have to decide whether to remodel or buy another home. If you like your neighborhood, this is one of the most difficult decisions you and your family will have to make.
Remodeling and buying a new home both have advantages and disadvantages. An expert on relocation is Coldwell Banker and an expert resource on remodeling is the National Association of Home Builders (NAHB). Both make compelling arguments for their businesses.
Pros of Remodeling
Perhaps the biggest advantage of remodeling is that you do not have to move, an exhausting and expensive experience unto itself. If you are happy with your location, many people feel it is wiser to stay put and build an addition, add a deck or remodel bathrooms or redo a kitchen. These home improvement cost money but they can transform your home into your palace and add to the value of your existing home.
The advantages of remodeling are:
• Staying in a neighborhood your like
• Remaining in a school district where your children have friends.
• Making personalized home improvements that are designed to accommodate your family.
• Increase the value of your home
The disadvantages of remodeling are:
• Remodeling takes planning
• You may have to add debt with a home improvement loan
• Major remodeling can run into unforeseen problems that can surpass the budget
• You may have to establish temporary residence for big projects
• Your house will have contractors working inside (and out)
For the most part, remodeling costs less than buying a new home. Also, moving can be both exhausting and expensive. It is the rare family that likes to pick up sticks, change school systems and relocate.
The advantages of buying a new home are:
• Starting anew
• Changing school districts
• More space for growing families
• Easier to get a mortgage the second time around
• Appliances, landscaping, more energy efficient
The disadvantages of buying a new home include:
• The stress of selling your existing home
• The stress of finding a suitable new home
• Moving
• The stress of finding a suitable neighborhood
• New schools for the children
• New friendships for children
And, while you may work diligently to find the perfect home, you still have to get the existing home sold, obtain a mortgage, pay closing costs and hire an attorney to make sure everything goes smoothly. Buying a home involves multiple other expenses.
Even when you find the right home in the right neighborhood, there is the possibility you will want to make a few home improvements before you move in. There are definite situations where moving makes sense. But, before you make this step, make sure you know all the facts and numbers.
A big consideration might be taxes. If you purchase a new home, your taxes will probably increase. And, to be fair, if you add to your home or if you remodel your kitchen, your home could be reassessed. This might mean more taxes depending upon where you live and the local regulations regarding reassessment.
The important thing is to be sure you plan ahead and you know all your costs. What will it cost to remodel? What will happen to your taxes when you remodel? What will happen to you taxes when you relocate? Are the schools in your new location suited for your children? How much will your home be worth after remodeling and how much will your remodeling cost? Will you definitely stay in the new home for at least five years?
Relocating can be an expensive proposition but relocating can be gut-wrenching for some families. Before you remodel or relocate, know your numbers. The right decision will come to you.
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