Should You Remodel or Move?

from Zillow.com

If you’re asking yourself if you should remodel your home or just move on to a new one, there are probably a few things about your home you don’t love — and that’s no surprise. No home is perfect! But when you’re asking yourself that question, you’re really asking: Can my dislikes be changed with a remodel? Would that make financial sense? Is remodeling worth the hassle?

With low inventory nationwide, more homeowners are renovating their current homes instead of moving. According to Zillow research, 76 percent of Americans surveyed would rather use a set amount of money to upgrade their home to meet their needs rather than use it as a down payment on a new home.

Everyone’s home, budget, real estate market and priorities are different. So, settling the remodel-versus-sell debate always varies, depending on who you ask. But, if you’re trying to make the decision for yourself, follow these five key steps.

1. Determine whether remodeling or moving is more cost-effective

You’ll incur costs no matter which path you decide to take, and what makes sense for you might not make sense for another homeowner. For some homeowners, moving is cheaper. For others, it makes more financial sense to renovate the house they already have. To find out the more affordable option for you, make sure to consider all possible expenses in order to make an accurate side-by-side comparison.

Read the whole article on Zillow.com.