Improve or Move? How to Make Your Next Housing Decision in SWFL
Have you reached a point where your current home isn’t quite right anymore? Maybe your family is growing and you need more space, or your children have gone off to college and it’s time to downsize. Maybe the neighborhood has changed since you moved in. Or you’ve just realized that you cannot live with that outdated kitchen for one more day!
All of these problems can be solved – the only question is whether the best solution is to find a new home in the Naples area or renovate your current one. This can be a tough decision to make, so we’re here to help you consider all the pros and cons of each option.
How to Decide Between Renovating and Moving
When you have to make a big decision, it helps to ask yourself a few questions to narrow down the possibilities. Here are some places to start:
- Can the problems with your home be fixed by renovating? A kitchen or bathroom update is usually a straightforward renovation project. If the issue is not enough space, you may be able to increase your square footage by building an extension onto your house or finishing the basement or attic. On the other hand, an inconvenient location or less-than-ideal neighborhood are problems that renovation can’t solve.
- Which is the more cost-effective option? Once you’ve determined exactly what you want to change, it’s time to compare the costs. Consult with local realtors and mortgage brokers to find out what it would cost to move, and talk to contractors to get estimates for a possible remodel. Don’t forget to factor in the expenses of moving or finding alternate housing during renovations.
- What would the ROI be? With any housing investment, you’ll want to consider the return. A major renovation in your home will almost certainly increase its value, which is helpful down the road whenever you decide to sell. Buying a new home can also pay off in the long run. Consult with a mortgage broker or financial planner to determine which would be the best option for you financially.
- What other solutions are there? It’s possible that you might not need to move or remodel at all. If the problem is a lack of space, you might be able to free up some room by re-organizing. If you’re considering downsizing to save money, try talking to your mortgage broker first to see if you can refinance at a lower rate. If your home feels dated, try giving it a facelift with simple projects like installing new fixtures or refinishing the cabinets.
The Link Team Can Help You Decide
For expert advice about the real estate market in Naples, Bonita Springs, and Fort Myers, contact the Link Team. We’ll help you decide how to improve your living situation, whether by renovating, moving, or refinancing. For expert advice on housing in SWFL, contact Nina Link today!