If you moved into your home when house prices were low, thinking someday you would move on to a larger home or a home with upgraded features, you may be asking yourself a tough question. Should I sell my home or remodel? House prices have drastically increased in recent years and many people are finding that what seemed like a small jump before, could cost a huge price tag now. If your home is on a sizeable lot, has great views, and nice neighbors, you may consider staying in your home and remodeling. Many homeowners have found that putting on a large addition, updating kitchens and baths, or adding on a pool, is still more affordable than moving to a new home.

Before making any decisions, first decide on what you are looking for in your future home. More bedrooms, a larger kitchen or living area, close proximity to schools, etc. Make a list of necessities and desires. Then investigate how much homes in the neighborhoods you wish to live in, or homes of a certain size are selling for. Next, you will want to contact a contractor to give you an estimate of how much it will cost to remodel your existing home. You may find that the changes you want are not possible with your property. Building codes and zoning laws may prohibit the changes you will need to stay in your current residence.

There are a few other considerations to bear in mind. How much will your taxes increase? Insurance? Will you miss your neighbors? Do your school zones change, meaning your children may have to change schools? It is important to weigh all of the changes that moving can bring. After you have a complete picture of the cost comparison from moving to a new home or remodeling your existing home, you will need to make your final decision. Moving to a new home can be exciting, but you want to make sure you can afford to make the larger investment before you purchase that home. Sometimes you may find that with a new kitchen, or a swimming pool, you may be able to enjoy a few more years in your current home.

By: Robert Lipply