An essential reality of homeownership is that the home we buy may, at some point, no longer meet our changing needs and priorities. Our life cycle can change, whether due to family considerations or a variety of other factors, and we may discover, need to consider, do something to address these changes. When factors change, and we need a bigger house, we often have to decide whether to renovate, enlarge, expand or modify our current house, or find another house to call our own. With that in mind, this article will attempt to examine, discuss, and briefly review, 5 considerations.

1. Evaluate Existing Home/Property: How much do you enjoy the neighborhood and/or area where you currently reside? What are the strengths and weaknesses, as well as the limitations and possibilities? How would you modify the house to meet your current needs? Would these changes adequately meet or exceed your present and likely future needs?

two. Requirements: How have your needs changed and why? Can you afford to live in a larger home, or can you make minor changes, that might make your existing conditions meet your evolving needs and requirements?

3. Costs/disadvantages of reforming: Most people don’t realize what the total costs of renovations might be! They almost always underestimate the costs, time, etc. that might be involved. What could you do to overcome and manage the inconveniences involved during construction?

Four. Zoning Considerations: Different towns, cities, villages, and municipalities have various zoning considerations and specifications/rules. Before deciding how to proceed, consult a zoning expert and learn what is possible and plausible in your current location. Will the rules accommodate and allow you to reasonably make the changes you seek? For example, some municipalities have regulations on the maximum percentage of square footage allowed, and if you need more than that, or want it, your final decision is simplified.

5. Real estate market, in terms of the current value of the house and the probable cost of the house, you are looking for: Consult with a trusted real estate professional and request a conservative estimate of what your house could fetch, if you put it on the market, as well as a house, with your priorities and specifications. could cost. Ask the person for a conservative estimate for the sale and, worst case, for the new purchase!

Obviously, there is no single path that is best for everyone. Carefully examine your true needs, what you are looking for, your reasons, goals and priorities, and your financial considerations!