Should I Move or Remodel?

by Tom Reilly, Principal & CEO, Renovations

Always a tough question. There is, of course, the financial consideration that we will cover. However, and more importantly, there is the emotional consideration. This can be a powerful component of your decision-making process.

Let’s start with a few steps you can take to sort through all the ingredients needed for an outcome you can enjoy.

Sit and think (with your mate, significant other) of at least five things you like about your current residence. Then list five aspects of your current residence you do not like.

Do you have aging-in-place concerns? Are mobility issues present or looming?

At this point it would be wise to at least have an initial consult with an architect or contracting professional with remodeling experience. They can help you examine possibilities in your home and even give you some idea of project costs.

Don’t use this information to decide, though, you are only halfway there.

Now list five towns or neighborhoods you would like to live in and why. The “why” is important. Once you have done this, now it’s time to explore the current inventory of homes in those areas.

Pricing is important. You will need to know what your current home’s value is on the market and have a budget for what you can afford in a new or established home. For this portion of the work, and it is work, you should consult a real estate professional. A good Realtor will help you navigate these waters.

Collecting the information, you can now sit down and evaluate the decision with empirical data as well as your emotional well-being. Not all decisions in these matters can, or should, be made based on financial information alone.

Generally, you will find that changing your existing living space may be less costly than moving.

But that is not the only issue. I sit down with many people and help them wade through the questions starting with, “We would like to do … What would that cost, is it feasible?”

Give me a call for a no-obligation consultation and let us help you navigate these waters.