With interest rates so low now and the market being so good, how do I know if it’s better to put money into improving my house or just move?
Renovate or Relocate
Dear Renovate or Relocate,
Great question and one I get a lot these days! There are many factors to consider:
1) You want to make sure you do not over-renovate. For instance, it may not make sense to do a 200k renovation if you are going to price your home out of the neighborhood.
2) You want to consider how long you think you might be in your home. If you move within a year or two, you may not be able to recoup the costs when you sell.
3) Also, consider whether you’ll be able to live in your home while the work is being done or if you have to move out temporarily. Can your marriage/family life handle the stress of a big renovation? Or are there smaller renovations that can improve your value but not be as intrusive? All these things should be taken into account as you contemplate renovating vs. moving-we’re here to help with those kinds of questions!
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