In Columbia, South Carolina, many residents have settledinto a comfortable life in a residence in which they may have lived for several years or longer. If you’re a homeowner in Columbia, you likely have selected your home carefully based on the price, location, features, floor plan, and a host of other factors.
However, if you’ve lived in that home for more than a few years, you could now be feeling some growing pains. The fact is, your needs for a residence will change over time, and at this point you may be wondering whether you should make improvements to your existing home or relocate to a new residence.
There are an array of factors worth considering before you make this decision.
The financial aspect
While you certainly want your home to be functional for your needs and provide you with the space and features that will enhance your life, your home should also be affordable for you to live in. There are costs associated with improving an existing home as well as costs associated with relocating to a new one.
For example, if you move, you may need to pay for moving services, make a down payment on a new home, commit to a new mortgage, and more. On the other hand, there may be tax benefits associated with relocation or improving your home.
In addition, you may be in a different financial position now from where you were when you initially purchased your home; you might now be in a position to afford a larger home. Or you might need to downsize for financial reasons.
If you work with a contractor and a real estate agent, both can help you to become better informed about the options available to you, and this may help you to make a decision that’s better suited for your needs.
The functional considerations
If your current home has become less useful or responsive for your needs over the years, you’ll have to take a serious look at what work may need to be done to your home to make it more suitable. For example, if the space is lacking a much-needed home office or a game room for the kids, you could think about making an attic conversion or adding a wing onto the house.
However, if you do not have the space available on your lot to build an addition, or you don’t wish to deal with construction in your home that could last for several weeks or months, a move may be more appealing. If the work required to make your home more functional is too substantial or not feasible, relocation may be a better option.
Other factors such as the location of your home in relation to your current workplace, or your home’s accessibility to the services and retailers you work with now, may need to be taken into consideration.
Numerous issues may surface when you’re trying to decide whether to move or to stay in your home. Each homeowner will have to review these questions individually and make the decision that is best for the family.