Are you feeling real estate restlessness? If so, you have two choices: move to a different house or renovate your current home. If you’re having trouble deciding on the best course of action, ask yourself these questions before you make any big decisions.
What do you dislike about your current home?
You should first think about the reason you are even considering moving. If it’s because you’re dissatisfied with your current house, think about whether the problem is something you can fix. For example, if you’re simply outgrowing your house and need one or two more bedrooms or bathrooms for your growing family, adding some living space to your house is likely an option, assuming you have the room on your lot. If you feel like your home looks old and worn, upgrading key features – like the kitchen and bathrooms – might be all you need to fall in love with your house all over again.
Of course, some issues are harder to fix. For instance, if you have a two-story home and can no longer easily go up and down the stairs like you once could, you will likely have to move to a single-story house to fix the problem. Likewise, if you are ready to get your dream backyard, but your home’s lot is just too small to fit the swimming pool you have always wanted, buying a home on a larger lot (and one that already has a pool) might be your best bet.
What’s your home’s location like?
Another important question to think about is whether your home’s location is right for you. It might have been a great location for your family years ago, but if things have changed since then, it could be time to move. For example, if you need to move closer to good schools or are tired of a long commute to your job, moving to a different location could be the right choice.
If, on the other hand, you still like where you live, staying in your house and renovating it may be a good idea. But as you upgrade your house, you still need to keep the location in mind. In particular, you should avoid upgrading it so much that it’s the best or largest house on the block, because you’ll likely have trouble getting that investment back when it’s time to sell your house. This means you should take a look at the homes around you and keep in mind how much square footage and how many upgrades they have before you put too much money into your home.
What’s your financial situation?
Money is a major factor in any decision involving buying or renovating a house. In most cases, renovating is cheaper than buying. But even though it’s cheaper, you still need to budget carefully to ensure you have enough money to finish any renovation projects you start. This means you should figure out what you want to improve about your home and then get estimates from a few different contractors.
If you have decided to sell your house and buy another one, you need to find out how much equity you have and how much money you could likely get for your house. This will help you determine how much money you will have for a down payment when you buy a new property.
If you’re still not sure if you should buy or renovate, looking at homes for sale in Scottsdale might help you decide. You’ll either find something you fall in love with, or get inspiration from nearby homes!
Contact The Matheson Team today to start your search for a house that has everything you need.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255