This is a tough question. Probably one of the most difficult that I come across and that I can only guide by asking more questions.
- What is wrong with your home now?
- Is your family growing, is a new baby expected or an aging parent moving in
- Are there five people using your only bathroom?
- Is your home falling apart at the seams?
- Is tile falling off the shower walls?
- Are the appliances the same age as your home steam is starting to warp the cabinets above your oven?
- Are your energy bills over $400 a month?
- Are you embarrassed when everyone squeezes into your kitchen and you are constantly shuffling around?
- Do things fall on your head from above of the refrigerator when you open it because the cabinets above are unusable?
If you said yes to any of these, or perhaps you have another problem, then maybe remodeling is right for your home, but is it right for you and your family? This, unfortunately, is something that can really only be evaluated by you even when you get professional assistance from an interior designer, contractor and or realtor.
- What is the value of your home now? Even just a guess.
- How does that compare to what you purchased it for?
- Would you make, break even or lose money on selling now?
- What is your neighborhood like?
- Do you like it, do you have kids and are in a "good" school district?
- If you moved would your kids need to change schools?
- How much more would another home cost?
- Would it already be remodeled or would you need to do upgrades before you moved in and essentially carry two mortgages until you did?
- Have you talked with a realtor?
- What did they have to say about your home now?
- Do they think you would need to remodel it to sell at the "zestimated" value?
- Do you like anything about your current home?
- Would moving simply make all of your problems disappear?
- Have you had conversations with a remodeling professional like a kitchen and bath designer or a general contractor?
- What is the ballpark range of remodeling costs for your area?
- Would it be more or less than the cost of moving including realtors/movers/staging fees etc?
Weigh out the pros and cons. Remodeling isn't for everybody. Maybe living in your home during construction would aggravate your child's asthma. Maybe the cost of living in a rental during construction is beyond your investment capabilities. What are you willing to invest in time as well as money?
I recently met with someone who wanted to discuss remodeling their kitchen. They don't have a dishwasher and they enjoy hand-washing their dishes. They're not too happy with their new neighbors so they've started thinking of selling their flat in the next year. So should they remodel for the sake of having a dishwasher for resale even though it would involve new windows, electrical upgrades, and some major rework to their current space to maximize efficiency? They live in Berkeley and are in a great school district and family oriented neighborhood. Honestly, because the dishwasher is not an issue for them, and because the kitchen would most likely be remodeled by a new homeowner I recommended a different approach. What if we could "remodel" their kitchen for less than %1000? What if they did some minor handy-man work to improve the general cluttered feel of the space and we did a Schematic Design to provide the realtor with a hand-out to show the hidden potential so that they could make the space work for their personalities? Sometimes moving instead of remodeling is the right option.