Chances are you’ve seen one of the popular home-improvement shows on television where homeowners grapple with the question of whether to renovate or move. It’s a decision that’s almost unavoidable as a home ages and family circumstances change over time.
While we can’t get you on television, Navy Federal Credit Union can offer some helpful pointers. Maybe your family has grown since you bought your home, or maybe your home simply doesn’t fit your lifestyle anymore. Whatever the reason, it’s important to consider both emotional and financial factors when arriving at a decision that’s right for you and your family.
Your home is a lot more than just four walls and a roof. It might be the place where you and your partner celebrated your first anniversary together or watched your children take their first steps.
Emotional ties to a home can be extremely strong and shouldn’t be dismissed lightly. There’s little point in moving if it’s going to make you unhappy.
In addition to the home itself, you may feel a strong connection to the community. Perhaps your neighbors are your friends, and you rely on them in case of an emergency. Your kids may play together and go to the same school.
In this situation, you might consider moving to a more suitable home in the same area.
There’s no two ways about it—remodeling can be expensive. Then again, so can moving. The best way to make an informed decision is to compare the numbers.
Moving costs typically include real estate commissions, closing costs and hiring movers.
Other costs are less obvious. Your home might not sell for as much as you’d like. And, if you’re moving to a bigger home, chances are you’re looking at a bigger mortgage and higher monthly payments.
As for renovating, the costs will depend on your needs. It might be as simple as adding a wall to turn one bedroom into two, or as complex as building an additional story.
If the challenge is that you need more space, it may help to consult with a professional. You might be pleasantly surprised to discover what you can accomplish simply by decluttering or reconfiguring your home’s layout within its existing footprint.
If remodeling is needed, do your homework. Ask friends and neighbors for recommendations and be sure to compare quotes from several contractors.
How Navy Federal Can Help
Whether you’re looking at remodeling or moving, Navy Federal can help. Talk to us about pre-qualifying for a mortgage so you know what you can afford to buy or using the equity in your home to pay for the renovations you need.