Many homeowners reach a point where they consider the option of staying in their home, renovating or moving. If you are toying with the idea of modifying or revamping your home, here are some factors to think about before you make a decision.
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Your budget
One of the most essential factors to consider when planning a renovation project is your budget. The cost of home remodeling, design projects and cosmetic makeovers can range from hundreds to millions of dollars. Before you start conjuring up images of fantasy homes, analyze your finances and set a budget. It’s wise to contact companies to get quotes and research prices for additions or modifications so that you have an accurate idea of how much the project will cost. If the price is too high, you can adjust your plans and work with experts in residential architecture to identify effective solutions and alternative ideas to bring the cost down. If you start with a budget in mind, architects and building firms will be able to make suggestions and draw up proposals based on how much you want to spend.
Stay or sell?
Some people might be convinced that they want to stay in their home and renovate, but others may be torn between revamping their existing home and buying a new house. If you find yourself in this position, it’s beneficial to weigh up the pros and cons. Take your budget into consideration and think about whether it would be possible to make your home work for you by undertaking renovation work. If you’ve run out of space, for example, it may be possible to add the extra room you need, but if you fancy a change of scenery, moving may make more sense.
Lifestyle
Many people move house due to a lack of space or to downsize, but it is increasingly common to relocate to embrace a different type of lifestyle. There has been a surge in the demand for properties with gardens and outdoor spaces, as well as those with views, easy access to parks and fields and houses with room for home offices. Achieving a healthy work-life balance has become more important for employees, and buyers are keen to purchase properties that will enable them to make the most of their downtime and combine remote work with going into an office or workplace. It may be possible to enhance your lifestyle by renovating, but in some cases, moving may be a more attractive proposition if you don’t love the location of your home.
Adding value
Most homeowners renovate to update their homes and make them more aesthetically pleasing and functional, but remodeling and revamping houses can also add value. When planning a project, it’s beneficial to try to add value to your home and make it more saleable. Examples of ideas that have the potential to boost value include converting attics and basements, adding extensions and updating kitchens and bathrooms. With any project, there will be a ceiling in terms of how much value you can add, so it’s important to manage your budget.
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Are you thinking about renovating your home? If you’re considering a revamp, but you’re not sure if it’s the right decision for your family, weigh up the pros, analyze your finances and think about what you want to achieve and whether it’s possible if you stay in the same house.
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