A house is a major financial commitment, but keeping it well-maintained is just as serious. After a few months or years of living in your property, you might be seeing parts that you need to upgrade, renovate, or maybe you’re even considering moving to a bigger one.
Nobody really likes the idea of changing too much in their home, let alone move to an entirely new one, but sometimes it simply needs to be done. Different families will have different experiences when it comes to renovation or moving out, and if you’re considering either, you need to be well-prepared for it. Let’s take a look at questions you need to ask yourself before you commit to the decision.
“Organized Chaos” Is Your Home Motto
When things are beginning to get extra messy, and “organized chaos” has become the default of your home, then you need to start upgrading. It could be a sign that your current lifestyle doesn’t match your house (especially if you bought it years ago) and that you should look for a bigger or more appropriate one. It could also be that you need to renovate and add more organizing shelves and cabinets. Regardless, if your house’s usual state of things is more chaotic than organized, a renovation is needed.
Things Are Beginning to Break
Here’s a clear sign you need to upgrade or renovate: when walls become flimsy, when roofs start leaking, and when living in your house is uncomfortable because of too many broken things. While these things might sound obvious, the truth is that we often put this off until the last minute because of many factors. That could be money, time, or energy- but needing to fix something is a sure sign that you need to upgrade.
It doesn’t have to be your house per se. We often put repairs like broken patio roofs, dilapidated decks, or unkempt yards until we have to. Consider getting a polycarbonate roofing system for your patio roof or hiring a professional landscapist. You’ll never regret spending on these matters since it will make you enjoy living in your house again.
You Need Additional Space
Now that many of us are settling into a hybrid work model, having a home office setup is one of the reasons why space is becoming an issue. While you could rearrange some furniture to create a new section in your current home for a computer table and some shelves, if two or more people have online meetings and classes simultaneously, it might be time for you to look for a bigger home.
If your family is growing, your children and partner need their own space too! Convertible space might sound great on paper, but when you’re constantly switching rooms and converting spaces to accommodate homeschooling or remote work, then maybe a bigger house is better for you.
The Financial Side of Things
There’s always the matter of finances. You simply can’t move out or renovate your property if you don’t have the funds for it- no matter how much you want to do so. But even if you have extra cash, it might still not be the best time. Multiple factors are in play when deciding whether it’s time for an upgrade, and let’s look at a few.
You’ve Cleared Off Debt. You don’t have any mortgage debts anymore. Your renovation could be done to increase the resale value of your property. Or maybe you can take out another loan to fund a second home. But what’s important is you’re not saddled with debt anymore.
You’ve Upgraded Your Credit. Along with not being in debt comes an increase in your credit score. If your credit score has increased recently and things are beginning to look safe, have a serious conversation with your partner (or yourself) on whether a new property is a worthy investment- or maybe a home improvement loan will do fine.
You Have a Steady Career and Pay. You can only plan your budget and finances if you have a steady career or a consistent stream of income. If you’ve recently received a pay rise, this doesn’t mean you should immediately decide to improve or buy a second home. Take the time to calculate whether it’s financially possible (and responsible!) for you.
You’ve Sorted Your Finances. Last but far from the least is that you’ve sorted out your finances well. That means you have an emergency fund, have your investments and insurance ready, and have disposable cash for a big financial decision such as a major renovation or a new property.