Is Renovation for You?
When the needs of your family evolve, your house would now need some improvements and extensions. Instead of renovating your home, you also have the option to simply move out and move to a new house. In making the decision on whether to move or to renovate you need to consider the costs and the living conditions in your current home and in the prospective new house. Your preference would take priority in your decision as well. Pros and Cons on Doing a Renovation If you decide to renovate you would need to secure permits. You may also need to take out a loan. It would be a good idea to get an equity loan since it has some tax benefits. The expenses entailed in renovation may be unpredictable though. While you may have an estimate, the amount of materials used in the actual renovation could be more. The prices of materials could also rise. Then you need a good architect and a good builder too. Nevertheless, if you end up with a better house it would be worth it. You would have complete amenities in the same house you are at home in already. Even if there will be some disruption, it's worth the hassle. When to Move Houses If your current location is very inconvenient, having a clamour for more amenities would be reason enough to move. This is a chance to move to house that has everything you need and one that is nearer to your workplace or to the school of your children. If you can afford both, you have a choice. If not, you would have to go for minor renovations. In the end your decision would be dictated by the criterion that takes most priority over the others.