The time comes in every homeowner’s life when they must ask the question: “Is my home still meeting my needs?” Life events — such as a new job, growing family, or empty nesting — will make your once-perfect home less perfect as time goes on. Maybe you’re bursting at the seams and can’t fit any more relatives around the holiday table, or perhaps your once-full house now feels like an empty, open space. Whatever the reason, if you’ve realized it’s time for a change, the next question becomes: “Should I relocate — or renovate?”
The answer ultimately depends on what’s driving the change, and both choices have upsides and downsides that you should think through before taking the leap.
What makes moving the best choice? Here are some common reasons for wanting to relocate:
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Can you reconfigure or add on to your space? If more room is what you need, consider whether you can get it by reconfiguring the layout. Sometimes it’s not more square footage that people need, but rather a more efficient setup. If you do need more square footage, is there room on your property to build an addition? |
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Would a refinance make your home more affordable? Are you paying for mortgage insurance that you no longer need? Do you have a jumbo or non-conforming loan? Do you have an adjustable-rate mortgage and would benefit from switching to a fixed rate? Refinancing may be able to help lower your payments. Contact me to discuss whether this would be right for you. |
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Can you afford the expenses of selling … and buying? In addition to the costs of physically packing up your house and moving, you’ll also have to budget for repairs, staging your home, agent commissions (usually around 6% of the sales price), capital gains tax* (if applicable), and other unforeseen costs. Conversely, if you’ll be buying a home at the same time, be prepared to pay the down payment, closing costs, survey and inspection fees, and recording fees, to name a few. |
What makes renovating a smart option? Here are some situations where renovating makes sense:
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Choosing to renovate or relocate isn’t always a straightforward decision. There’s a lot to consider, but as long as you weigh out the options and understand your needs, you can confidently make the best choice for yourself and your household. And if you’ve assessed both options and still aren’t sure? Just wait. You don’t want to make a premature decision you’ll regret, and when the time is right to make your move, you’ll know. |
Whether you’re ready to move or update your current space, I can help you find the home financing to turn your dream house into your actual home. Contact me today to get started!
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*Equity Prime Mortgage is not a tax advisory firm. Consult your tax preparer or advisor for more details. Any above referenced trademarks are property of their respective owners and are not affiliated with Equity Prime Mortgage or this content. |