An essential reality of home ownership, is, the house we purchase, may, at some point, no longer meet our evolving needs, and priorities. Our life – cycle may change, because of either family considerations, or a variety of other factors, and we may discover, we need, to consider, doing something, to address these changes. When factors change, and we need, a larger home, often, we must decide, whether to renew, enlarge, expand, or alter, our present house, or look for another home, to call our own. With that in mind, this article will attempt to briefly examine, discuss and review, 5 considerations.
1. Evaluate the existing home / property: How much do you enjoy the neighborhood, and / or area, where you currently stay? What are the strengths, and weaknesses, as well as the limitations and possibilities? How would you alter the house, to meet your present needs? Would these changes, adequately, meet or exceed, your present and probable, future needs?
2. Needs: How have your needs changed, and why? Can you afford living in larger quarters, or can you make minor changes, which may make your existing conditions, meet your evolving needs and requirements?
3. Costs / inconveniences of renovating: Most people fail to realize, what the total costs of renovations, might be! They almost always under – estimate, the costs, length of time, etc, which might be involved. What might you do, to overcome and handle, the inconveniences, involved, during the construction?
4. Zoning considerations: Different towns, cities, villages, and municipalities, have various zoning considerations, and specifications / rules. Before deciding how to proceed, consult an expert in zoning, and learn, what is possible, and plausible, in your present location. Will the rules accommodate and permit, you, to make the changes, you seek, in a reasonable manner? For example, some municipalities have regulations, regarding the maximum percentage of square footage, permitted, and, if you need, more than that, or desire it, your final decision is simplified.
5. Real estate market, in terms of present home's value, and probable cost for house, you seek: Consult with a trusted, real estate professional, and ask for a conservative estimate, of what, your home, might garner, if you put it, on the market, as well as, what, a house, with your priorities, and specifications, might cost. Ask the individual for a conservative estimate for the sale, and a worst – case, scenario, for the new purchase!
Obviously, there is no, one – size – fits – all, avenue, which is best, for everyone. Carefully examine your true needs, what you seek, your goals, goals, and priorities, and your financial considerations!