That Perfect Home: Moving or Remodeling?

In selling your current house, you will have to get a short-term place to stay while waiting for the day you finally move into your new home, and it could turn out to be a pricey undertaking if you are to consider crucial factors like the proximity of the location and the intended length of stay in that temporary housing setup. On the other hand, buying the new home first while waiting for your current home to be purchased would certainly place you in an unenviable position of paying both houses' monthly mortgage payments. And that also doesn't include some basic repairs you might have to make on your old house to turn it into a desirable and saleable property. Moving can also require you to spend some more to hire a moving company, or any moving-related costs for that matter, and initial payments for a new account for your utilities.

Making that Makeover

Now, let's look at the other side of the fence: remodeling. While you may be instantly enamored with a newly built house, you may not be afforded the luxury of really getting your exact specifications as compared, of course, to designing and customizing a house through remodeling. However, as it is with moving, remodeling also entails a considerable amount of money and effort. The list of things to do and pay is seemingly endless: design services, building permits, additional or new fixtures and furnishings, not to mention the inherent cost of the remodeling project itself and its unexpected overruns. A second monthly home loan payment and possible higher property taxes also awaits you through the course of your project. And depending on the size of the project, you may also need to spend on another temporary accommodation during its duration, or expend funds on added living expenses if you choose to occupy the house while remodeling it.

What to Do?

After looking at the advantages and disadvantages of moving and remodeling, in choosing which route to take, you should not only look at the inherent expenses you are willing to shoulder, but also the potential hassles you are willing to bear and the overall notion of which undertaking you are willing to really go through.

Are you really looking for that new beginning in a different location without having to continuously speculate on what it would look like? Then moving might be the best option for you. However, if the prospects of transplanting to somewhere else other than where you think you really belong to is a major turn-off for you, then by all means, stay put and consider remodeling instead.

Now, whichever path you choose, remember that the fundamental goal here is eventually finding that perfect home you've always dreamed about.