As I write this, the snow is falling and the wind is blowing. It’s a great time to stay inside and “nest” and watch your neighbors shovel while you enjoy a cup of hot chocolate.

Except, you keep thinking about how you’d like to remodel. The living room is too small. You want more light in the kitchen. The garage can no longer hold all your stuff. And you need another bedroom. (Or one fewer.)

It’s sometimes difficult to know when to remodel, to match your current home to your dreams, or when to purchase a new home.

To figure out which is the better option, it’s best to make a list of all the projects you’ve been thinking about over the years and add some ballpark costs to realize those dreams. (A site like Remodeling Calculator linked here will help you figure that out.)

Then price the homes in the area where you would like to live, that meet all those desired features, and see which number is better. Remember to add in any change in mortgage costs and related fees. (You can get a great estimate with an online mortgage calculator like this one.)

It’s a similar process for apartment dwellers. Just compare your current rent and related expenses (like extra monthly costs for a garage) to the projected mortgage as described in the previous paragraph. Remember to deduct a little money for the tax savings you will realize.

Another helpful guide is my document titled  “5 ways to know if you’re ready to buy a home” that you can access here. It was written for the first-time home buyer but the worksheet in it is useful for everyone, no matter where you are in the home ownership process.

If you want me to run some complimentary searches for you to help you with your dreams, please contact me here.

  Jan 19, 2019

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