Should you remodel or move? It's hard to know what is the best direction for you and your family to take, especially when the process and outcome have an incredible impact on your quality of life. Needless to say, it's not a decision made overnight. MA Peterson has put together some important considerations to keep in mind when contemplating the best direction for you and your family.
Costs
There are many costs to consider when discussing rather to invest in your own home or choose to sell and move into another. First and foremost is the cost of money. Interests rates are up from where we have been in the past, not near historic highs. That said, your buying power is much less than it was before this inflationary time. Most buyers are finding they can afford about $100,000 less in qualification than when interest was two to three points lower. As a result, remodeling your current home can feel like putting money back into your own pocket simply by investing back into your own home at a lower rate while continuing to increase its value over time. There is also the cost of moving, which can add up depending on how much and how far you are needing to move. With a competitive housing market and homes going over asking price in many cases, remodeling to fit your family and lifestyle needs is a very attractive option.
Location
You’ve heard the phrase “location, location, location!” You love your neighborhood and community. The city and area you live in greatly impacts your day-to-day life. You might live in the perfect proximity of shops, restaurants, workout centers, and bike paths. Your children are flourishing in school and have access to amazing extracurricular activities. Housing inventory is still very tight and will be for the foreseeable future. Chances are the home you find in another community will need to be remodeled or updated to meet your tastes and needs. Unless you are set on a new start, take a hard look at what you have to work with and then consider a move. In some cases it takes just a little updating to “bloom where you are planted.”
Sentiment
The memories you've made in your current home are precious to you. It may come to you as a surprise the emotional attachment you have to your current home. Taking the trim with your children's height marks to your new home might not be easy. You've hosted many holidays in your home, some with family members who are no longer with you. Sentiment in your space greatly impacts its meaning of being home. The memories you've created in your existing home are priceless.
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Considering the added costs and challenges with finding the right home in the perfect location, ask yourself what elements are important to you to elevate your day-to-day living and how well your existing home functions for you and your family's needs. Do you like to entertain, and how well does your current layout work for this? Does your family need a better space to gather and work? How does your storage space meet your needs? When you work with a design-build firm like MA Peterson, we invest in our relationship with you to collaborate on an utterly authentic space for you. We help people on a daily basis to fall in love with their homes again. Contact us today!
MA Peterson Designbuild is an industry-leading resource in the Twin Cities for residential design, new custom homes, high-quality custom remodeling and additions, home updates and repairs, and insurance reparations. With a collaborative creative process that uncovers unique design possibilities and over 40 years experience designing, building, and renewing homes, we take pride in the award-winning creative solutions we develop for homeowners. We are passionate about designing and building and enjoy creating unique spaces that homeowners can enjoy every day in their home.
