When your current housing arrangement does not meet your wants or needs, you have two options in front of you — you can add on to your home, or you can purchase a new home that meets your criteria. While purchasing a new home is certainly an option, many homeowners purchased or acquired their current home for a variety of specific reasons, so moving is likely a last-resort option. However, when weighing out the overall costs and benefits of remodeling or upgrading your home, is it worth the price tag?
One of the most important factors in determining whether moving or upgrading is a better option for you is how happy you are with your home, and its location. If you like your neighborhood, you have an emotional attachment to your home, or you just really like your house, the costs associated with remodeling your home are almost guaranteed to be justified so long as you deal with a reputable construction company. However, if you don’t really like your house, and especially if you do not like your neighborhood, any home additions or upgrades would likely be deemed ‘too much’, even when considering the arduous prospects of buying a home, moving, and trying to sell your home in a poor economic climate.
Another determining factor in whether or not home remodeling costs are worth the price is your reason for wanting to remodel your home. If you’re looking to remodel your home to accommodate your own needs, such as an office space, an updated bathroom, or a play area for the kids, this is one thing. However, if your reasoning for home renovation is to increase the value of your home for resale, this is something completely different. A house’s value is determined, in part, by the values of the properties that surround it. If your sole motivation for home renovation is to boost your home’s selling price, you should thoroughly research the properties in your area, get an estimates for your proposed upgrades, and maybe even speak to a realtor before you commit to a costly aesthetic upgrade for profit purposes. Now, if you just want to turn your current home into a your ‘dream home’, the ends typically justify the means, especially if you like your house and your neighborhood.
Finally, you should assess whether or not you can afford to renovate your home at this time. A good home remodeling company will work with you and your budget, but regardless of how good of a deal you get with a remodeler, it’s still going to cost you some money. Alternately, if you cannot afford all of your proposed home upgrades at present, but have a small amount in your budget to get started on your project, speak with a professional builder to discuss the options available to you.
Bottom line, if you like your home and you like your neighborhood, there’s a good chance that home remodeling is more than worth the price. If you choose to work exclusively with an established, and reputable, home remodeling company, they can help you turn your current home into your dream home without breaking your budget.