Article by Jason Homes
There are three groups used to classify home buyers. One of these is composed of people who are looking to buy a second home to upgrade on what they currently own. This could be because of a growing family or that the buyer’s financial situation has finally allowed him or her to go for that dream home. If you belong to this group, remember that buying is not the only option open to you.
If you need a bigger house because you have a growing family, you should also think about the possibility of remodeling your current living space instead of selling it and using the money from the sale to buy a new home. This does not mean that remodeling is the answer to your woes as sometimes it would be less costly in the long run to just buy a bigger property.
To come to the right decision, you should look at what each option offers and weigh the pros and cons. When it comes to remodeling, one of the biggest advantages is that you already know the strengths and weaknesses of your current living space. You will not what needs repair and what needs replacement. You would also have a concrete idea where you can expand.
While expansion is a good way to make your current house a better fit for your needs, it does not necessarily mean that it is the only way of remodeling your property. If you need space, look for areas in your home taking up more space than what you need. For example, if you have a living room that is too big even for your growing family, you can reclaim some of that space to create a room, even a small one like a storage room.
Since you pretty much know the ins and outs of your property, you would have a solid idea what things can be improved upon to make it a better match for your needs.
On the other hand, if your reason for moving is because you will be transferred to a different area and your current house would mean hours of travel to and from your work, it would be wiser to move. You should think about your capacity to maintain your current house and still afford to pay the mortgage for the second one.
If you cannot afford to have both, then you have to consider selling the property or rent it out to help with your finances. A good real estate agent would be able to help you browse an online MLS where you can find a new house to buy at the price level that you can afford so make sure you consult one if you have settled on moving instead of remodeling your current house.