Choosing between remodeling your current home or moving into a new home can be a difficult decision, as are most decisions that involve large amounts of money. Unfortunately, this is a decision a typical family might have to face more than once.
The first time is when babies are born — most Americans buy a small starter home, which quickly feels too crowded once a child arrives.
This problem occurs again when the kids become teenagers and need their own space; sharing bedrooms becomes an invasion of privacy.
A few short years later, the kids are off to college, leaving your big, teen-friendly house feeling empty and too large for you. Again, you’re faced with the decision to move or downsize by embarking on a remodeling project to convert Junior’s room into a home office or hobby space.
Lastly, many families end up becoming caretakers for ill or aging relatives. This may require more modifications to your home, including the incorporation of universal designs or wheelchair accessible interiors.
As expensive as remodeling is (more expensive than most people think), it’s very tempting to think that moving is the best decision. However, this isn’t always the best option. It really depends on the scope of work required and total cost of the remodel, as well as the value of the home. Obviously, when you move, it’s pure expense. There’s no payback. Remodeling your current home, on the other hand, does give you some potential to add value to your home. This is not to say that investing in a $50,000 master bathroom remodel will increase your home’s value by $50,000, but it will improve your home’s functionality, style, overall net worth, and it makes it easier to sell when that time comes.
This is where we like to use the term “Lifestyle Investment.” If you love your home, are content with its size and location, and plan on living there the rest of your life, remodeling is the best option. Many of our clients have lived in the same home for 20 or 30 years and plan to stay there, but have never done any renovations. This can be a problem, as homes today are not built to last like they once were. Interiors need updating, appliances need replacing, and sometimes structural designs need modifying. If you plan on staying in your home, it should be comfortable, functional, safe and something you are proud of. Remodeling gives you the ability to create your dream home that you can enjoy for a lifetime, without the hassle and expense of moving.
If you have questions or would like advice about remodeling your home, contact us today. One of our knowledgeable design consultants would be happy to meet with you, discuss your needs and explain what your best options are!