Move Or Improve? When The Balance Tips In Favor Of Moving
Posted on: 12 November 2019
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If you are not satisfied with your home, then you are probably debating between improving the house and buying another one. Below are some of the situations in which moving is better than improving the house.
It's Not Just the House
There are three main reasons you might be unsatisfied with your current house. It might be that you are unsatisfied with the structure, the neighborhood, or both. If it just the structure, then you may be able to improve the house and continue living in it. If it is the neighborhood or the neighborhood and structure, then you have no option but to move; you can't improve the neighborhood.
For example, you may add an extra room to the house if you need four bedrooms, but it currently has three bedrooms. However, there is little you can do if the neighborhood has become too polluted for your health.
Permits Are Hard To Come By
For you to renovate a house, you must get approval from the local building department and from your homeowner's association (HOA), if you belong to one. The more extensive the renovations are, the harder it will be to get the necessary permits. This means the improvement option might not be feasible if you want to change almost every facet of the house. Instead of making endless (and fruitless) trips to the relevant authorities, it may be best for you to move.
The Home Is Unique
Some people own one-of-a-kind homes that are almost impossible to find elsewhere in the market. Maybe you have a historic house or an ancient colonial house with architecture that is hard to find elsewhere. If you have such a house, and you love it, then you should do your best to improve it and move.
You Are In a Sellers' Market
The current status of the real estate property market in your neighborhood also matters. You need to consider how easy it will be for you to sell the house at a good price. This may not be much of an issue if you are in a seller's market. In such a case, you can easily find a buyer who can pay a good price for the house so that you can move.
The Home Needs Significant Improvements
Lastly, the degree of the necessary renovations should also be a factor. The more improvements you need to make, the longer the renovation project will take, and the more money you will spend on the project. Weigh all these against the hustle of moving. In some cases, moving may be easier if the alternative is extensive renovations.
Contact a real estate service to learn more.