Remodeling vs. moving: Here are some things to think about

What to consider when weighing remodeling vs. moving

(WWBT) - If your current home just isn't working for you any more, you're probably weighing whether to stay and overhaul it or find a new one.

There are some important things to keep in mind when considering those options.

The first thing is to think about how you feel about where you live. If you have good neighbors or love the proximity to school, work, stores and restaurants, that's a good argument for staying put and investing in some improvements.

If you are looking for more room for your family, it could be that just rearranging your existing floor plan or adding another bedroom could resolve the issue.

But if the problem is bigger, like a need for more square footage or your lot and budget won't allow an addition, then it may be time to start looking for a new place.

Another thing to consider is how long you plan to be in your house.

Sinking money into a remodeling project and then moving a year or two later means you likely won't recover that investment.

Experts say about 70 percent of people who weight remodeling versus moving ultimately end up staying where they are.

Look for a good architect or contractor to see what potential your existing house has, and what it would cost to make those changes.

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