“Should I stay or should I go?” Are the lyrics from The Clash running through your head every time you come home? Is your current space no longer working for your lifestyle and you’re struggling between the decision to renovate or sell? It’s daunting to think about, and all options will ultimately require your energy.
In order to make the decision process a little less stressful, here are some considerations to help you determine your next steps. Ultimately, it boils down to prioritizing what you need and want.
Space & Location
The most common issues for homeowners considering remodeling vs. selling is space and location. If you’re living in a one bedroom-bath condo with kids, want to live in a different school district, or want a quicker commute, the answer is not so difficult.
However, maybe you have outgrown your space but you really would love to stay (see Neighborhood & Availability below). Or it could be the house is just too big to care for now. Perhaps you live on a busy street - the noise pollution is less than ideal, it’s difficult to back out of your driveway and you worry about someone getting hit.
Whether you’re upsizing, downsizing or maybe just in need of reconfiguring, space and location are major considerations. Think it through:
- Do you have additional land or the footprint for an addition? Do you have the space to reconfigure a driveway off of a busy street if this is an issue?
- Can you use the existing space in a smarter way? Can you reconfigure to have the master bedroom on the main floor? Can a basement be finished? Can you open up walls or join rooms to create the areas you need? Can you close off space to give you another room?
- Are you willing to live through construction and have rooms, and possibly you, displaced for a time? What are you willing to tolerate and for how long?
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Neighborhood & Availability
If your neighbors are driving you crazy, the answer is simple. However, if you live in a community you love, the thought of moving away - even if just across town - is heart-wrenching.
The realist understands that you can keep in touch but it will require a heck of a lot more effort on everyone’s part. In our hectic adult lives, this often doesn’t happen and relationships change...of course, new relationships can be forged in new locations too; people do it every day. Ask yourself:
- How would a move impact me/us day today? Week to week? Do neighbors watch your kids after school or pets during the workday? Do you depend on their daily/weekly support?
- If the neighborhood is the center of your social life, how do the gatherings occur? Are they primarily planned in advance (you’ll still be invited!) or more impromptu (you’ll read about it on Facebook)?
- If staying in the neighborhood is currently a must, are homes available and do they solve the current issues you have with your home? (Refer to Space & Location.)
Affordability & Value
When it comes to undergoing a renovation or making a move, finances are always a consideration.
- Are you struggling to pay or anxious about the mortgage and/or taxes? Can you refinance to alleviate stress?
- Could you be over-improving for the neighborhood? Will you be able to recoup the majority of renovation costs?
- Are you planning on staying in the new location for a long time? Will you see the return on the upfront investment of taking out a new mortgage and moving?
Decided to stay and ready to begin renovations? At Hogan Design & Construction, we are available and happy to answer any questions you may have.
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