Family Decisions: Should You Sell or Remodel?, Family Decisions: Should You Sell or Remodel?

Family Decisions: Should You Sell or Remodel?

Rhonda Duffy

 

Is it time to upgrade the quality of your lifestyle? If you are working to improve the lifestyle for your spouse and children, then you need to consider how your home is impacting your living environment. When it is time to make a change, you need to start with an important decision: sell or remodel?

Any homeowner who has lived in the same home for awhile has faced this dilemma. Even if you like your current home, there are likely features that need to be changed to improve certain aspects of the property to create your dream home. You can put in the work to upgrade your home with remodeling projects, or you might consider the benefits of buying a newer property.

Here are a few factors that might help as you are making the decision to sell or remodel:

Emotional Connection with the Property

Do you feel a strong emotional attachment to the home? It is a place where you have raised your kids and built strong family memories, so it is understandable that you might have mixed feelings about moving to a new property. If you don’t want to leave the neighborhood relationships that you have developed, then you might consider renovations instead of moving. These projects can transform the home to fit your new lifestyle, and still allow you to hold onto the emotional attachments that have been built.

Financial Implications of Moving

Take a look at your finances to consider how a move will impact your monthly budget. Can you afford a bigger mortgage? It takes effort and financial support to move, and it won’t make sense for you to buy a home and then feel compelled to move again shortly. For example, if you can’t afford the bigger mortgage right now, then you might consider saving to put together a sizeable down payment. Or, it might be a good financial decision to sell your home and downsize if your current property is bigger than what you need.

Future Family Goals

Look at your goals ahead to determine the best decisions that will help with the support of your children. If you choose to remodel, will you end up moving in a few years anyway because you want to be closer to the right schools for your kids? Education can have a strong impact on the success of a child, so it might make sense to move into a new home that is close to the best schools.

Hosting and Family Events

As your children get older, it is common to have more opportunities to host family and friends for big events and parties. Do you have a home that has enough room for guests to stay? Is the yard the right size for a backyard football game? Will the man-cave be spacious enough to host the big super bowl party? If you don’t have enough space in your current home, then it might be time to move.

At DUFFY Realty, we are here to help you make the best real estate decisions. If you need help finding the right home for your family, then we invite you to contact our team right away: (678) 318-1700

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