When your family’s needs change, is your home still the correct fit? If you are trying to decide which road to take, there are some points you have to consider.
Dig deep into your pocket
Which can you realistically afford? If you can sell your home at a good price and find a more suitable place to live, relocating is not a problem.
If you live in a period home chosen specifically for its layout and architectural details, you will want to have a renovation. It might cost a lot to protect the building’s integrity, but if that’s why you chose to live there then it will be worth it.
If the house is a recent one, but is particularly run down, perhaps a rebuild would be better for your wallet.
Look into the future
Home renovations aren’t just for preserving the old architecture. You can consider one if you have a good-sized house and simply need to adjust it slightly to fit your needs. Do you need to transform a space into your child’s bedroom?
Property values change over time. The state it is in at the time of selling can affect the price. A well-maintained home will always be desirable, but if you renovate instead of rebuilding, will you at least make the money spent back?
Bring it back to now
Renovating requires your time, money and energy into making your space work. This could mean weekends spread over several months doing the project yourself, or hiring professionals to execute your plans.
Rebuilding will require you a place to temporarily live in. Despite your DIY skills, it’s best to get some professional help.
If you cannot spare those resources, relocating to a house that can already provide you with what you need could be the best decision to make. Although selling your current home can be difficult, once it’s sold, all you have to do is move and turn your new place into a home.