Many families reach a point at which their current home simply does not meet their current or future lifestyle. There aren’t enough bathrooms or bedrooms. The kitchen is too small and hopelessly outdated. The layout doesn’t fit their entertainment style. The home is aging and unable to be retrofitted with all the latest appliances and gadgets. The neighborhood is no longer as desirable as it once was.
If you do find yourself in this situation, what’s your next move? Well, you have three options: remodel your current home, move to a home in a new neighborhood that better suits your needs, or design and build a new home. Each option has its own set of pros and cons and your family must consider all of them and their nuances before making such an important decision.
The graphic below offers details on the factors to consider when choosing between your options, including your budget, your ties to your neighborhood and home, the real estate market, your tolerance of inconvenience, the amount of free time you have, and many more.
It all comes down to a balancing act. Weighing your desires for what you want against your ability to pay for it. A serious internalization is required because this is no easy decision. Take a look at the infographic below which may help you in your decision. Good luck!