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Should I Stay or Should I Go? What to Do When You’ve Outgrown Your Home

Posted On Thursday, 17 October 2024 11:10
Should I Stay or Should I Go? What to Do When You’ve Outgrown Your Home Photo by Scott Webb on Unsplash

A lot has changed since purchasing your forever home. Back then, it was only two of you. Now, there are four, excluding the fur babies. After all, families grow over the years. 

Choosing whether to renovate or relocate is a dilemma many families grapple with. You’ve created memories within these four walls. And yet, the very same walls are squeezing your growing family into a smaller space.

Below, we’ll discuss the pros and cons of buying a larger family home compared to renovating.

A Seller’s Market?

Inflation may be down but the housing market is an exception, warns USA Today. Accounting for rising incomes, more than 30% of the median monthly U.S. household income is needed to cover monthly mortgage payments.

A realty expert tells the publication that mortgage rates hitting 5% will be more favorable for homeowners who want to list their properties.

Despite the negative predictions, economists don’t foresee a housing market crash within the next few years.

You can take one of three routes when selling your home: listing with a real estate agent, selling to an investor company or going private.

Real estate agent commission rules changed in August. The requirements vary, but it was common practice for realtors to earn 5 to 6% commission on a home’s selling price.

Under the new laws, sellers are not allowed to state buyer’s agent commission fees on multiple listing services. The rule intends to prevent an unethical practice known as “steering.”

Choosing to sell your property in a private sale takes some know-how on how property laws work in the U.S. You’ll also have to be adept at the legality of a sale, inspection permits and other admin-heavy tasks.

Sometimes, an unfortunate event calls for an immediate sale. Companies act as investors and pay cash for a home. The advantages are that you can sell your home as is, with no commission or realtor fees. You also get to decide the timeline. 

A “cash buying home” company cushions the blow of endless showings and open houses. These companies can connect you with other trusted buyers so you get the best cash offer on your property. For example, you can sell your home fast with Doctor Homes and step closer to your dream life in a new property.

They cut out the middleman to get a quick offer and close on your timeline, adds Doctor Homes.

Buying a New Home

While mortgage rates remain high, sellers still have the upper hand. At the same time, Bankrate says a shift towards a more balanced real estate market is coming.

Buying a new family home isn’t to be taken lightly. The excitement of moving into a bigger property is palatable, but there are other factors to consider.

Firstly, define your financial goals. Selling your property may give you some leeway when determining your budget. Don’t get too carried away. Other unforeseen costs could crop up.

Make a list of your preferred locations and must-have amenities. Also, factor in the ongoing expenses of maintaining a new home. 

This brings us to the second part of this article…

Renovation Nation

You’ve spent years making your house feel like a home. It’s your calming oasis after a hard day’s work; a place to rest your head.

The kids love the sheltered backyard and their cozy attic bedrooms. It’s perfect. The only thing missing is mospace.

Staying put can be the answer. With the help of a talented architect and experienced building contractor, you can turn your forever home into your dream home.

You have the financial freedom to take on smaller-scale projects or prioritize larger remodeling work. 

The custom design trend kicked into high gear this year, largely because it allows homeowners to design according to their needs.

When you renovate your home, you decide to make the design choices that matter to you so your home can be a reflection of your family’s needs and wants.

Working with a contractor entails constant communication and an agreement on budget and deadline. To make the process more seamless, renovation experts suggest your building contractor work closely with your design team to make your vision come to life without hiccups.

Renovation projects that increase your square footage are bathroom and bedroom upgrades, adding another floor and creating a shared living space.

Weighing Your Options

The debate is ongoing on whether to sell or renovate. It all comes down to preference.

Remodeling gives homeowners a blank canvas to start over again if opting for massive renovation projects. CBS News says financing reno work can be done via home equity loans or lines of credit.

Renovating might be better if you live in an established area where real estate prices are generally peaking. Upgrading your home puts you in a good position to get your asking price further down the line.

On the flip side, mortgaging a new home could work out cheaper than remodeling, especially when it requires extensive upgrades.

Renovating a home with major structural issues can be costly and time-consuming. You could also run into unexpected matters you didn’t budget for.

Some people can’t live in a construction site for months. That is exactly what’s expected when renovating your home. The constant dust and dirt do become a health issue. It’s even more of a hazard when children are in the same quarters.

Buying a new home takes away the hassle of dealing with construction, loud noise and having strangers set foot on your property.

At the end of the day, the choice is yours and not an easy one to make. Weigh your options and ask the rest of the family for their thoughts. Some might not be keen on a big move. Others will love moving to a new place and new beginnings.

Finances play a big part in your decision and ultimately will be the deciding factor on whether you stay or go. Either way, selling or renovating is a chance to make fresh memories and bigger families.

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