Renovate or Relocate

Decide what's right for you

The house that was your dream home when you bought it probably won't stay that way forever. Life changes — such as a new job, growing family, empty nesting, etc. — will make your once-perfect home less perfect as time goes on. But should you relocate — or renovate? It all depends on what's driving the change. Ellie Mae put together some scenarios where it might be best to relocate, and others when renovation may be your best option.

Relocating

What makes moving the best choice? When there are features you just can't get by remodeling, such as:

• You have a new job that means a longer commute from your current home.
• Your kids are ready to head into high school and you're not very impressed with your local school district.
• You have new, unpleasant neighbors that make being at home awful.
• Your family is growing quickly and you're running out of space.
• You can no longer afford your home, in payments or maintenance.

Renovating

Some homeowners just can't imagine leaving behind the memories they've built in a home. That's one instance where renovating the existing property to suit your needs makes sense. Here are a few more:

• A different layout rather than more square footage could solve your space issues.
• Your home is in fairly good shape and you won't find any hidden costly surprises.
• Your home has some outdated features but is otherwise comfortable.
• The cost to make changes won't price your home much higher than the surrounding neighborhood.

Whether it's time to fix up your current property or prepare to move on to your next dream home, our FIBT Mortgage Team has the financing solutions to get you where you want to be. Locate a loan officer near you to discuss your options today!