This is a huge question for anyone in their current home? Should you move into a different home or remodel the one that you have now? Here are some questions that you are probably asking yourself about this dilemma:
- Has your family structure changed?
- Are you downsizing or don’t have enough space?
- Your home doesn’t work as it is anymore and you need to make some changes to stay there.
- If you remodel, will you get the money out of your home when you eventually sell it?
Up until now, the home fit your needs. Now it doesn’t. To help you, you’ll need to consult with some experts to be fully informed to make the best decision for you and your family.
- Financial Advisor / Bank – Talk with your financial advisor or Bank. You’ll need to determine how much you can spend on the remodeling budget and how much you can qualify for a new home.
- Real Estate Broker – Talk with a Real Estate Broker to determine the value of your home as is and the current mortgage interest rates. What is the top valued home in your neighborhood so if you remodel you don’t overbuild and outprice yourself? You can also ask about the neighborhood prices where you want to move.
- Remodeling Contractor – Talk with a Remodeling Expert to discuss the challenges in your existing home. Let the expert give ideas on how to make the home fit your needs and how much that would cost. They can walk you through the process, permits, timing, budget, etc.
Here are some considerations that you need to address which will help to decide on whether to move or remodel:
- Do you like the existing neighborhood?
- Do you like your yard?
- What are the current Mortgage Interest Rates if you move?
- Do you have enough cash to remodel or do you need to borrow? If you need to borrow, what are the construction loan rates or home equity rates?
- Size of home – Do you need more space or are you downsizing?
- Renovation Time – How long would it take to remodel your home?
- Would you need to relocate out of the home during construction?
- How high is your emotional attachment to your home? This is priceless and may be an issue to halt the process of moving.
- When considering a move, you must factor in the cost to sell your home, buy another home, closing costs, moving expenses (moving company, boxes, etc.) and the cost to put blinds, window treatments, utility deposits, etc.
Advantages of Remodeling
- Develop a plan to meet your exact wishlist.
- You may be able to use home equity to pay for the renovation.
- If you love your neighborhood, you don’t have to move.
- You can avoid the costs of moving and selling your home.
Disadvantages of Remodeling:
- You’ll probably face some surprise expenses.
- With the wrong contractor, remodeling can be difficult.
Advantages of Moving
- You can physically move your location.
- You don’t have to live in a construction zone.
- You can purchase a home that’s 100% move in ready.
Disadvantages of Moving
- You may have to settle with what you want.
- You may have to move from a neighborhood that you love.
- Buying a home and moving can be stressful, time-consuming and expensive.
- Moving has extra costs and can be expensive.
For more help, read Tips to Avoid Costly Home Improvement Errors.
We specialize in remodeling homes in Georgia. Contact us to schedule your consultation and estimate. Or, you can call us at 678-635-5429 or email.
About Georgia Home Remodeling
Georgia Home Remodeling is a Gwinnett-based remodeling and renovation contractor company that has been serving Metro Atlanta and North Georgia since 1991. Originally created by company founder and president Chris Allen as a small painting company, GHR has since grown into a full-service custom remodeling and home renovation provider.
Georgia Home Remodeling is dedicated to providing great service and quality work at a fair price. From the initial contact until the job’s completion, we will be prompt, courteous and communicative, and will always do exactly what we promise to do at the price we quoted.
We are fully licensed and insured home renovation contractor, and our diverse and experienced crews include carpenters, painters, electricians, plumbers, flooring specialist, and HVAC professionals. Company president Chris Allen, who oversees and manages each GHR job, is also a Certified Graduate Builder, Certified Lead Carpenter and Certified Remodeler.
Contact us via email or call today 678-635-5429 to request a quote and let us help you make your dreams for your home a reality!