You’ll probably come to many housing crossroads in life, and the decisions won’t always be easy.
For example: Should you rent or buy? Upsize or downsize? Move or remodel? Buy new or old? The paths are numerous, and there’s rarely a hard-and-fast right answer.
To make the right choices for your household’s goals and budget next time a big housing decision arises, here’s how you can evaluate each option.
- Upsizing vs. Downsizing: Cost and the size of your household are the biggest factors here, but make sure to go beyond the basics. In addition to thinking about the monthly mortgage payment, consider maintenance, property taxes, insurance and utility costs. What fits your lifestyle and budget best?
- Remodeling vs. Moving: Take a look at market conditions before making this decision. The price of houses, remodeling materials and labor can vary widely. Also, are there homes on the market that meet your household’s needs at a price you can afford? Don’t forget to think about the impact remodeling could have on your everyday life: Can you deal with the disruptions?
- New vs. Existing Home: Building a home from the ground up will take longer, but it allows you to customize the home to your exact needs. Buying an existing home could be faster, though you’ll be limited to what’s on the market. You may also need to make some updates or repairs after move-in.
- Renting vs. Buying: You may come to this crossroads several times in life, but the right move depends on how long you’re staying put, your budget, the current local market and how much (or little) you want to participate in maintaining or customizing your home.
If you’re looking for a new place that better fits your household’s needs, let’s work together to find it.
