Discover key factors to consider when deciding whether moving is a smart financial Sense . Weigh costs, savings, and long-term impact. Thinking of moving? Learn how to assess the financial sense impact of relocation, including costs, savings, and future stability.
Writing things down can help you figure out if you should remodel your current home or move to a new one.
Steps:
Ask a realtor how much your home is worth now and how much it would be worth after remodeling.
Subtract the remodeling costs from the new value of your home.
If the result exceeds your home’s current value, remodeling could be a good investment.
- Compare your current monthly mortgage payment (plus any home improvement loan payments, if you have one) with the payment for a new house.
- See whether you would pay more monthly for your remodeled or new home.
- Make a decision based on these investment and monthly payment factors.
Tips:
Add value to your home by remodeling the kitchen and bathroom. “Great rooms” and fancy bedrooms are popular right now for buyers.
Don’t forget hidden moving costs like realtor fees, closing, and moving expenses.
Don’t make your decision based only on money. Personal factors like attachment to the neighborhood, commute, schools, and moving your kids are also important.
Warnings:
Always talk to a realtor before remodeling. The value of your home depends a lot on the value of nearby houses.
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