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The first situation to examine is your family. A growing family is one of the
top reasons homeowners decide to remodel or move. Many times, you can get by
with a remodel. But if you plan on having more than one child, a remodeling plan
might not be feasible. Consider the financial impact of remodeling more than
once or doing a larger remodel to accommodate your family plan.
Schools and communities impact this decision greatly too. Do you like the area,
the neighborhood, the schools? If the answer is yes and no, then try examining
each issue independently—what are you willing to sacrifice for staying? For
going?
Your job can affect your decision. Can you deal with a longer commute from a
home you love? Maybe you prefer a shorter commute to work. Either way, your
decision to remodel or move is again based on your preferences for spending time
on the road.
When you bought your first home, did you get everything on your wish list?
Usually homeowners make some updates to suit their own personal style. If your
taste has changed, sometimes a simple remodel satisfies. But if you’re having an
issue with structural details, consider a move.
Sometimes homeowners find they enjoy the process of remodeling. If you like
fix-up projects, then consider a remodel. If you barely know how to hang a
picture, moving is going to be a better solution.
Everyone is aware how good a home buyer has it these days. When considering a
remodel or move, you need to consider what home sales are doing. There are free
online resources to find out recent home sale price, like your county auditor’s
website.
But importantly, be realistic about how long you want your home to be on the
market. If you’re anxious to be in different surroundings, remodeling is going
to be quicker. Buyers can afford to be a little finicky these days. But don’t
worry, when your house does sell, then you get to be a finicky buyer too.
Money impacts a lot of our decisions as homeowners. Always examine the financial
impact of remodeling or moving. Before you apply for any loan, you need to make
sure that your financial house is in order. Lenders aren’t looking at just your
credit score. They consider home values, the equity you’ve built, your
debt-to-income ratio, and credit capacity, just to name a few.
If you need help organizing your finances, Credit Union of Ohio offers free
educational workshops to everyone. Call them at 614.487.6650 (toll-free
800.443.5698) or visit them online at
www.cuofohio.org for more information
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