Can you reconfigure or add on to your space?
If more room is what you need, consider whether you can get it by reconfiguring the layout. Sometimes it's not more square footage that people need, but rather a more efficient setup. If you do need more square footage, is there room on your property to build an addition?
What's your home worth?
As a real estate professional that is familiar with home pricing all along the Foothills, I can meet with you to discuss the value of your home and know exactly what your net proceeds will be for your next home.
Costs associated with moving
In addition to the costs of physically packing up your house and moving, you'll also have to budget for repairs, staging your home, capital gains tax* (if applicable), and other unforeseen costs. Conversely, if you'll be buying a home at the same time, be prepared to pay the down payment, closing costs, survey and inspection fees, and recording fees, to name a few.
What will it cost?
Before you can answer this question, you need to have a detailed plan outlined for the type of updates you want to make. Get bids from several reputable contractors to see what it will cost you, and keep in mind that renovations often involve surprise costs once the work begins, so be sure to build a cushion into your budget.
Are the upgrades reasonable for your home and neighborhood?
Be careful that the cost to make changes won't price your home much higher than the surrounding neighborhood. Also, be sure the changes you're making are in keeping with the character of the home and surrounding neighborhood. An ultra-contemporary kitchen could be a big mistake in a classic Victorian home. And don't forget to consider how much you'll recoup financially. While it's not all about ROI (the point is to have a space you enjoy living in, after all), try to make smart use of your investment. Here's a list of projects that provide the biggest cost recovery at resale.
Can you handle the change?
A major remodel could take months, and depending on the scope, could require you and your family to relocate temporarily. Even without such a big change, you'll have to deal with people coming in and out, dust, dirt, noise, and possibly loss of access to parts of your home until work is done. Can you manage that on a temporary basis? Think of the impact it will have on your daily routine and whether your family is ready to take on that extra stress.