Everyone’s housing needs will change several times throughout their lifetimes beginning with a person leaving home for college and renting a tiny apartment. Then, eventually, that person will get married and need a bigger home or apartment. Once the children arrive, housing needs will change again. Finally, when the kids are grown up and move out, downsizing a house may be in order.
Is your family growing and you need more space? Have you received a promotion that requires relocating? If you just need more space, you might be able to stay and build an addition onto your home. If something happened that requires relocating, then you obviously need to move. But sometimes you have a choice. In that case, make a list of pros and cons of each possible choice.
In some cases, a little home remodeling is enough to meet your demands, such as building a more modern kitchen, adding a bedroom, or converting your basement without purchasing a whole new house. Try using a free room planner on your computer or mobile device to help you envision what a remodel in your home would look like. If home improvement is enough, you should probably stay put.
You will also want to research the current real estate market if you are leaning toward moving. In a seller’s market, you’re likely to get a great price for your old home, so moving might be to your advantage. In a buyer’s market, however, homes sell for a lower price. If you can’t get a good price for your home, you may want to stay put at least until the market turns back to favorable conditions again.
Ultimately, the decision to stay or move rests with you and your situation. Some circumstances may force you out of your home, placing the decision out of your hands. While doing a little home remodeling may save you more money over buying a new house, sometimes moving is the better option. Consider your circumstances and evaluate all your options before making a final decision.