If you are expecting a child or already have a new baby at home, it may make your house a little cramped. The good news is that you have the ability to either remodel your current home or move into a new one. How do you decide which option is best in your situation?
Can You Do the Work Yourself?
While there is nothing wrong with hiring a professional to help with a remodeling project, that person will charge for his or her time. Therefore, try to limit the scope of a project to items that you can do on your own or do mostly on your own. If this isn’t possible, it may be easier and less expensive to move to a new home that meets your needs.
Do You Have Equity in Your Home?
Equity in a home can be used to make a down payment on a new property. It could also be used to fund your home improvement project. Before deciding on what to do, consult a lender to compare the costs of getting a home equity loan compared to the cost of buying a new house. While you don’t have to choose the least expensive option, having the information in front of you can make it easier to come to an informed conclusion.
Do You Have to Rent Equipment?
Equipment rentals could add hundreds or thousands of dollars to the cost of your project. However, they are used to make upgrades that will make your home worth more to a buyer. It may be best to remodel and flip our house and with the profits move into a bigger home. Alternatively, you can look into finishing other areas of the home that need less work to be transformed into an extra bedroom or nursery. If you control the construction site you make sure your house is just like you want it.
Do You Need to Stay Where You Are?
Even if your home isn’t what you want it to be, it may not be possible to move to a different part of time. For instance, you may need to stay within walking distance of work, a babysitter who can watch the child or a child’s doctor. As with most other decisions you will make as a parent, the needs of your child will outweigh your own in such a matter.
Ideally, the choice between remodeling a home and moving will be made based on what is best for your family. While you may prefer one option over the other, you want to make sure that everyone will be safe and happy in the long run.