Homeowner’s dilemma: To move or remodel?

A number of life changes can precipitate the question of whether to remodel or move: There’s been a birth, or an elderly family member is coming to live with you. Your last child has moved away from home, or one of you is now self-employed and needs a home office. Or maybe you have concerns about climbing stairs in your advancing years.

Perhaps your reasons aren’t quite as dramatic – if you’ve lived in your house for a number of years, the kitchen and bathrooms might not be as up-to-date as you’d like. Here are some things to consider as make your decision:

•Are there family memories in your house that you can’t bear to leave?

•Do you like your location: the neighborhood, schools, shopping and proximity to work?

•If you expand, will you go out, up – or down?

•Can you live with the disruption of the remodeling project? You could be without a kitchen and bathrooms for many months. Will you need to move out during the remodeling?

•Will an extensive remodel price you out of the market when it’s time to sell? Beware of over-improving your house. Are other homes in your neighborhood being remodeled?

•If you move, you’ll pay for moving costs, inspections, the real estate commission to sell your house, and closing costs. It could be cheaper to remodel your home than to buy another one with the same upgrades and changes you want.

•If you spend a lot of money to upgrade the interior of a three-bedroom house, you’ll still end up with a three-bedroom house. A remodeling project that doesn’t increase the square footage of the house might not be a good investment. A real estate agent can provide you with comparable sales information for your neighborhood.

•Your first step is to put on paper what you’d like to have and take it to an architect. Are your wishes even possible if you’d like to make extensive changes? If so, with plans in hand, you’ll need multiple bids from contractors. Will you hire a general contractor, or supervise the project yourself?

In summary: Either way – remodeling or moving – you’ll face expensive changes. With a lot of thought, you’ll be able to decide which way to go.