Move or Remodel??

Unsure whether you should move or remodel? You're not alone. Many homeowners face this situation at one time or another. Maybe your kitchen is outdated or that one bathroom just isn't cutting it anymore or you just need more space. Whatever the case may be, coming up with an answer isn't easy.So how do you decide what to do? There are many factors that come in to play but it ultimately comes down to what makes the most sense for you - financially and emotionally.

One of the first things you should do is to create a list of pro's and cons of moving versus remodelling. Pretty quickly, you will get a better picture of what your most realistic options are.For example, you're happy living in your current home and neighborhood but need more space. You research the possibility of adding more space to your home such as a dormer, addition or finishing your basement and find out that these are viable options. Now is the time to ask yourself some serious questions such as:

Can I afford to remodel? Analyize your entire financial picture and options - Savings, home equity loan, home equity line of credit, etc....

How do to find a reputable contractor? Ask your trusted realtor, friends and neighbors, search online - do your homework

What would my estimated renovation costs be?Get bids from numerous reputable contractors - then add up to 20%

What is the estimated time for project completion? Plan on adding extra time for unexpected delays and hiccups

Will I be able to recoup my renovation costs upon selling? Depends on how long you plan on staying in your home after the remodel and on what projects you do. New high tech siding, kitchen and bathroom remodels tend bring the highest ROI

How long will it take me to sell and find a new home?Depends on numerous factors but pricing your home right from the start and using a local experienced real estate agent is a good start.

Renovating your current home and making it your own can be a personally satifying achievement. However, you should take into consideration the level of improvement and personalization you are thinking of making. Will your addition or interior customizations make your home stand out like a sore thumb in your neighborhood? If you overdo it, you could make your home harder to sell in the future. Finding the right balance is key.Emotionally, both moving and remodelling can take a toll on you. No matter how well you plan, hiccups will arrise along the way. Be prepared and remain flexible.