After living in your home for years, you may realize it doesn't have everything you need or want anymore; perhaps it is getting old or too small for your growing family. If you're no longer satisfied with your current house, you might want to remodel it or move to a new one. But should you? To help you make the right choice for you and your family, here are three factors that you should consider:

1. Cost

The costs of remodeling or moving can be hefty. If you're considering either option, you need to know how much you will have to spend. On gauging which choice is cheaper, renovating or selling a property, it depends on your current mortgage situation and how much money you have in your savings.

So, before embarking on an expensive project, look at your short-and long-term financial situation. Remodeling comes with a direct out-of-pocket cost that requires buying and installing new materials. While relocating to a new home may sound like the better decision, it may cost you more in terms of building fees, new furnishings, vehicle registration, and other expenses.

2. Emotional Attachment

Before you start planning and deciding how to remodel or move into a new house, you must consider your emotional bond to your current residence. This is especially important if your family has developed attachments to your home.

Your home is a part of who you are. The anxiety of relocating to a new home can be a burden on your family. It could be especially difficult if you have kids. You need to ensure they can handle the stress of moving as well as their feelings about leaving their friends and school. However, if you choose to remodel, you can stay in the home where you have made so many memories and refurbish it to meet your changing demands.

3. Real Estate Market

If you want to know when is the right time to put the "for sale" sign in your home's front yard, do some market research. It is smart to examine your area's local real estate market to see when would be a great time to sell your property. Speaking with other potential buyers will also help you estimate how much your house will sell.

Seasonal fluctuations in home sales should also be considered. Houses are usually sold more quickly and more likely to be purchased for the asking amount, or even higher, in the spring and summer.

Talk to the Professionals!

The decision to update your house or move can be a big one. Both options can take significant time and funds, so make the right choice. If you plan to remodel your home, contact Treasure Valley Remodel and Restoration in Nampa, Idaho. We’ll help you transform your old and outdated house into a brand-new dwelling. Call us today!