An essential reality of home ownership is that the house we buy may, at some point, stop meeting our changing needs and priorities. Our life cycle can change, whether due to family considerations or a variety of other factors, and we may discover, need to consider, do something to address these changes. When factors change, and we need a bigger home, we often have to decide whether to renovate, extend, expand, or modify our current home, or find another home to call our own. With that in mind, this article will attempt to briefly examine, discuss, and review 5 considerations.
1. Evaluate existing home/property: How much do you enjoy the neighborhood and/or area where you currently reside? What are the strengths and weaknesses, as well as the limitations and possibilities? How would you modify the house to meet your current needs? Would these changes adequately meet or exceed your present and likely future needs?
2. Requirements: How have your needs changed and why? Can you afford to live in a larger home, or can you make minor changes, that could make your existing conditions meet your evolving needs and requirements?
3. Costs/inconveniences of reform: Most people don’t realize what the total costs of renovations could be! They almost always underestimate the costs, time, etc., that might be involved. What could you do to overcome and manage the inconveniences involved during construction?
4. Zoning Considerations: Different towns, cities, towns and municipalities have various zoning considerations and specifications/rules. Before deciding how to proceed, consult a zoning expert and learn what is possible and plausible in your current location. Will the rules accommodate and allow you to make the changes you reasonably seek? For example, some municipalities have regulations on the maximum percentage of square footage allowed, and if you need more than that, or want it, your final decision is made easy.
5. Real estate market, in terms of current home value and likely home cost, you are looking for: Consult with a trusted real estate professional and ask for a conservative estimate of what your house could fetch, if you put it on the market, as well as a house, with your priorities and specifications. could cost. Ask the person for a conservative estimate for the sale and in the worst case scenario for the new purchase!
Obviously, there is no single path that is best for everyone. Take a careful look at your true needs, what you are looking for, your reasons, goals and priorities, and your financial considerations!