As a homeowner, one of the hurdles you may have to cross is the decision between knocking down a few walls to create new rooms in your home and opting to just buy a bigger house. Space constraints are the leading cause of home remodeling to add extra rooms or the need to buy a bigger house.
As you weigh this decision carefully, these are the options that come into play to influence which decision you will make.
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Cost of remodeling versus buying a bigger house
When you consider remodeling your home to add extra rooms, you need to find out if you will get a good return on your investment. In the event that you will have to sell the house later, will you recover your cost of remodeling? Will your remodeling push the value of your home up or cause it to fall? With these questions fully answered, you can then make the decision to buy or remodel.
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Length of time remodeling will take
How much time will it take to actually remodel your home? Different factors come into play depending on the amount of work that needs to be done. Knocking down a few walls may not require much time. However, if you have to install plumbing works, electric cabling and so on, your project may take long and probably inconvenience you. The prospect of buying a new house looks far more attractive in this case.
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Yard space
Adding more rooms to your home is bound to eat up some yard space. Everyone loves to have a good back yard for the children to play in as well as to entertain family and friends. This is a decision you will have to make, whether the need for yard space rides lower on your priority list than the need for more space in the home. Buying a bigger home on the other hand will come with the extra space you need as well as yard space.
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Neighborhood
This is another factor that will definitely influence your decision to remodel or buy. If you love your current neighborhood and are afraid you may not get another one like it, then it may be wise to add some rooms to your home. If your current neighborhood is on an upward trend in terms of real estate pricing, then remodeling may be a good idea as your may just increase your chances of making a tidy sum when you finally sell. Some neighborhoods put a cap on the kind of remodeling you can do; this will also influence your decision to remodel.
Conclusion
The decision to remodel is largely on a case to case basis. The above factors can help you to make a wise decision. The key thing is that whatever decision you make should work for you, rather than against you both now and in the future. Make a decision today that you will look back on with no regrets whatsoever.
