If your home is filled with memories, or you love your neighborhood, those are great reasons to stay. A short commute or a space that fits your hobbies might also make it hard to leave.
Buying your next home: build, remodel or move
Dreaming of the perfect home?
Whether you’re deciding to buy or build your dream home, or remodeling the one you have, understanding your options is key.
Consider the logistics and costs of moving.
Deciding to build or buy a home is a major financial and emotional choice. But if your home is no longer fulfilling your needs, it might be time for a move. Here are some things to keep in mind if you’re thinking of moving.
Size
Consider your house size and lot size. If you’re planning on growing your family, do you have enough bedrooms? Do you use the space in your current home or would downsizing make more sense for you?
Location
Think about the location and whether it’s convenient for you. Perhaps you’d like to relocate to a neighborhood that’s closer to work or schools. Or if you’ve recently retired, maybe you can move further away from such things.
Cost
Buying and moving to a new home comes with costs like preparing your current home for sale, agent fees, closing costs and moving expenses. If you’re upsizing, you may also have higher property taxes, utility costs and mortgage payments.
Is it cheaper to build or buy a house?
The price gap between buying an existing home and building a new one has been narrowing in recent years. While it can still be cheaper to buy an existing home, such as a new build, the cost of building or buying can vary widely depending on location and the kind of home you want. Building your home means you’re able to choose every detail to make it completely your own – from the layout, cabinets and flooring to the lighting, appliances and paint colors. Just remember that expenses can add up quickly when you start customizing a new home.
Find the right loan option for your next home.
Choose from a broad range of mortgage options to meet your unique needs or prequalify to see how much you might be able to borrow. Thinking of building? Get more information about construction loans.
How does remodeling compare to building or buying a new home?
If you love your neighborhood but your home leaves something to be desired, it may be time to make updates. Here are a few things to keep in mind if you’re considering a remodel.
Cost
Remodeling comes with its own expenses, like the cost of permits, materials and labor. You may also need to budget for things like storage fees, lodging or dining out if you can’t use your space during the remodel. You should also keep in mind any financing costs if you’re not paying in cash.
Lifestyle
Remodeling can mean living in a construction zone while the project is underway. For example, if you’re remodeling your bathroom, you might not have access to your vanity, sink or shower for days or even weeks. Some rooms in your home may have to turn into temporary storage areas.
Return on investment
If you’re hoping to increase your home’s value, think about what types of remodeling projects will truly do that. Not all improvements guarantee a return on your investment. In fact, the value of your home may be capped at some point, so take that into account when planning your remodel.
Figure out financing for your home improvements.
Answer a few questions about your project and we’ll give you a personalized project estimate and financing suggestions. Or, if you already know the cost of your project, explore ways to pay for it from a variety of affordable options.
Weigh the pros and cons of building, buying or remodeling.
Choosing to buy, build or remodel might require making several pros and cons lists. Here are a few questions to help.
If your house feels too small or doesn’t meet your needs, it might be time to move, especially if remodeling won’t improve its value enough to be worth it. Something new could give you the space or features you’re looking for.
Remodeling can be messy and disruptive, like eating takeout for days or staying in a hotel. Think about how much inconvenience you’re willing to handle.
Moving may keep you from living in a construction zone, but it takes time to buy a new home – while trying to sell your current one.
Helpful articles for your next home decision.
Uncover the cost of a renovation.
There are some common costs to budget for when you’re doing a remodel or a renovation.
Prepare your home for selling.
Get your house ready to go on the market with this step-by-step guide.
Is building a home right for you?
If you’re thinking of building a home, learn how to protect yourself and your investment.
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