We’ve been inside for almost a year now. Does your no longer suit you and your family as well as it did before? Maybe it’s too small or lacks the features you need — or you might simply want something different.
When you’re ready for a change, you have two options: buy a new place or remodel your current one. If you’re not sure which is best for your situation, here are some pros and cons of each.
- A new home that meets all of your needs
- Maybe even a better location
- You won’t be stuck in a construction zone for weeks to months on end
- Selling your home and buying a new one simultaneously can be tough
- Down payment, closing costs, and moving costs can be expensive
- Staying where you are
- Avoid the time, cost, and stress of moving
- Potential to increase your home value
- Will be a long and tough process
- Limits to what you can change based on your location and property size
- Can also get costly
Side note: if you’re thinking a remodel is the way to go, we offer a Cash-Out Refinance option that allows borrowers to refinance their mortgage and pull money out to use however they like. You can learn more about the Cash-Out Refinance option here.
Though both routes have their pros and cons, the right choice depends on your budget, the real estate market, and your family’s preferences. If you’re not sure, reach out for guidance. We’re happy to help you figure out what decision will make the most sense for your unique financial situation.