Are you considering plunking the For Sale sign in your yard and calling a realtor for a weekend of house hunting? Moving to a new home might be a great decision for you and your family, but there are many factors to consider before jumping in. For starters, really think about the issues you have with your current home. Are these problems that could be solved with a little renovation? Here are some questions to ask yourself to help you decide if moving or renovating is right for you…
- How emotionally attached are you to your current home?
- Is it located on the perfect lot but simply isn’t spacious enough?
- Can you easily say goodbye to the neighborhood or area you live in?
- How much renovation would be required for your home to meet your desires?
- How much return on your investment can you expect from renovations?
- Can you easily afford to purchase a replacement home?
The decision to move or not is obviously a very personal one. So here is a list of some pros and cons to consider…
Moving
Pros
- You can select the exact home you’re looking for with no inconvenient renovations.
- You have the ability to easily improve your neighborhood or school district.
- If you are looking at several large-scale projects on your current home, like a new roof or deck, instead of sinking large amounts of cash into your home to get it back in shape, you can defer that maintenance and sell instead. But you must realize that those outstanding projects could reduce your selling price.
Cons
- It’s, well, moving. There’s a reason people loathe this monumental task.
- The homes on the market may or may not check off your complete wish list causing you to settle.
- There is a lot of effort and expense involved in readying your home for sale, house-hunting and in the move itself.
Renovating
Pros
- You get to keep the home you love but make it work for your specific needs.
- Location, location, location. If your house is in a prime school district or convenient to work, that’s hard to beat. By renovating, you can stay in the same spot and have an upgraded home without the cost and inconvenience of a move.
- You can possibly create more space by reconfiguring your existing layout.
Cons
- Depending on the size of the project, home renovation can take six months, so you must be prepared to be patient
- If you already have the biggest, newest house on the block, you run the risk of over-renovating for the neighborhood and not recouping your investment down the road.
Whether you decide to stay or go, improving your current situation will definitely require a financial commitment. Golden Oak Lending has the experts on hand to make this part of your journey fast and easy.
You might need a simple new-home loan, or you may opt for a home-equity or cash-out loan to invest in home improvements. Home values have greatly increased in recent months, so you may have more equity in your home than you realize. The senior loan officers at Golden Oak Lending have years of experience helping customers achieve their goals. They have developed a streamlined process that makes getting the loan you need quicker and easier than ever.
Call (314) 567-GOLD and let Golden Oak Lending cure your blues.
