Some people move into fixer-uppers intending to create a dream home on a budget. Others might just be buying what they’re currently able to afford.
But, getting into a home that needs some renovations is a risk. There’s a lot that can go wrong, and there are probably some things that you won’t be able to fix on your own.
For other reasons such as an aging home or different features becoming outdated, you might consider remodeling or renovating. Sometimes these projects can become overwhelming. Maybe it seems like moving would be easier or that it would help alleviate some of the stress that renovating leads to.
Today we’re giving you 10 questions that you should ask yourself while you’re deciding whether to renovate or move.
1. Is this where you want to live?
Understanding the amount of value your home might add to your life emotionally. If you feel you have a strong emotional connection to your home, then you might consider working to improve your current home while maintaining some of the essential elements that have been there for years.
2. Are you using the space you have efficiently?
It’s easy to think that you’re using all of the space available to you without actually taking full advantage of it. Some homes actually can have too much open space and, in that way, aren’t using it efficiently enough. Consider reworking your floor plan so that you use all of the area available to you. Adding a bedroom or finishing a basement can make a huge difference.
3. Is your house too big?
There’s always the possibility that your house is just too big. Maybe you’re struggling to afford it like 53% of other Americans. Housing can be expensive, and sometimes it’s not only a cheaper house payment that you need—it’s less space. Having a smaller home will make your heating, cooling, electric, water, and gas bills cheaper. All of these utilities add up, and if you don’t need that much space then why are you paying to maintain it?
4. How long does a renovation project take?
Renovation projects can take a long time, and they will, without a doubt, inconvenience your life. You must determine the how long these projects can take and the possibility of having them extended due to complications. You should never step into a remodel project if you have any doubts or reservations. You need to be confident in your choice to renovate instead of move.
5. Will your renovations over-improve your home?
Something that not a lot of homeowners think of is the damage you can do to your property value by remodeling. You must get your house checked by a realtor to make sure that it’s not going to be worth drastically more than the rest of the neighborhood. In some cases, homeowners can over-improve their homes, in which case it becomes tough to sell.
6. Can you earn back the up-front cost?
Houses do go up in value. While that value is, in some ways, always changing depending on the market. Different things are more likely to increase the value. Check with a realtor and ask about how your planned improvements can add more value to your home. Some features that you might like to add won’t always give the highest ROI.
7. Can you create a realistic budget?
Budgeting for a remodel is hard, and $5,000 won’t get you half as far as you think it will. It’s critical that you can create a realistic budget and stick to it. If you don’t, then you’ll most likely get caught up in the rush and fun of adding features or higher-quality materials. That, in turn, is only going to lead to an extremely stressed out bank account.
If you create a budget, stick to it and find ways to save money wherever you can.
8. Do you love your neighborhood and neighbors?
Neighbors can be a big part of your life, and it’s always good if they’re not a problem. Some people do have issues with neighbors. If you’ve found good neighbors, don’t take it for granted.
In the same way, a neighborhood can add a lot. Maybe its the walking trails, the schools your kids go to, or the park that you love relaxing at. Renovating might be a hassle, but you’d be able to continue enjoying all of those elements that you might not have if you move.
9. Are you prepared to plan your project and submit it for approval?
Most cities are going to require you to submit your remodel plans before you begin construction. In these situations, you may need to change the plan to fit the desires of the city.
Having a detailed and 3D plan can be a huge value to homeowners. Consider working with a company like WISA that will build your project with a 3D plan to help you visualize where your money is going.
If you’re considering a remodeling project and aren’t sure where to start, contact us today! We’d love to help you and work with you towards your newly renovated home.