How do you know when it is time to move?

It is not unusual for a homeowner to being to feel cramped in their home. Many of us settle into a place we deem our forever home, only to find that in the coming years our families change and grow unexpectedly, things accumulate, and we feel cluttered and overwhelmed. In recent years, we’ve had to add a pandemic and work-from-home into consideration. The inevitable question arises — do we start looking for a bigger space, or expand the one we currently have? This question comes with an onslaught of concerns, such as the current real estate market, our finances, the spaces that are available, and meeting our specific needs. Sifting through the pros and cons list leaves us struggling to determine whether it is worth expanding our current space or finding a new one altogether.

HGTV has us all believing that we can take on this project ourselves. Shows like Fixer Upper and Love It or List It make it seem easy to a. decide whether or not our home is worth staying in, and b. find a new or better place with ease. What these HGTV and other home network shows do not show us is the dirt, dust, and stress that come with these renovations. A home expansion is no easy undertaking; it requires getting permits and scheduling inspections, all of which are not nearly as sexy as they seem on TV and can be a real hindrance to your timeline and sanity. However, if you find yourself priced out of your current area, then you may want to consider the option of expanding.

Pros include

* Knowing the area

* Increasing the value of your existing home

*?Not having to deal with the stress of moving

Cons, however, include

*??Supply chain delays

*??Renovation budget vs. increase in home equity

* Space for expansion and zoning laws

The important thing to consider is, Can you live in your home while the renovation is happening? Do you have another housing option for during construction, such as a vacation home?

The first step, if you plan to stay in your current home, is to make a budget. Consider what you are willing to spend on renovating and improving your home and determine if it is worth staying in place. Plan for no less than a 10% increase in change orders. For example, if you set a budget at $100,000, expect to need $110,000. This allows room for flexibility when unexpected costs inevitably arise during the construction process.

The next step is to set your timeline. This should be based on your tolerance level for construction and whether or not you can stay in your home during the remodeling process. If you can stay in your home, how long are you willing to work and live around construction and will it be obtrusive to your everyday routine? If you prefer to stay somewhere else during construction, where is this place and does it add another expense to consider? Regardless of if you choose to stay in your home or relocate during the construction period, pad this timeline by 60 days to accommodate for delays and setbacks.

It is important to know the depreciation vs appreciation value of this undertaking. Estimate the value that this will add to your home and compare that to the budget you have set for the project. Are you making money or losing it? Will this increase the value of your home or end up being a financial loss? Do not over-finish to the point of breaking your budget unless you plan for this to be your forever home. If you plan to move eventually, consider the resale value a renovation will add to your home and if the next buyer will appreciate the finishes you have put in. Consider how long you plan to stay in the space versus the dollar amount you are putting in to renovate it.

The final step, before the actual project begins, is to find and interview contractors. You want to make sure you hire the right contractor who is willing to take on your project and work with you to ensure your vision comes to fruition. It is important to make sure you have all the information regarding the insurance coverage and certifications of your contractor. This should be factored into the budget. Ask to see some of their prior projects so that you can get an idea of the work they do. Ask them about their opinions regarding your project and your vision to get a sense of their thought process and approach. It is very important to remember that quality is key. Do not settle for the guy that will get it done as quickly and cheaply as possible; even if you think you are coming in under budget now, you may end up paying more in the future to fix mistakes and cut corners. This is where the budget buffer comes in and working with a smart contractor who knows his craft can help you see where the money is best directed.

What about moving? If taking on a home expansion project seems too daunting or stressful for you, consider the other options you may have.

Begin by making a wish list of all the items you want to see in your new home. If you feel stuck here, it may be helpful to first make a list of the problems you have in your current home, so that you can tackle the most important issues. Items can include, a larger space to accommodate more people in the home, a yard, more bedrooms, or simply more storage areas. Consider also your proximity to local businesses and ease of access. Are you looking for a walkable community or are you okay with driving often? Do you move closer to or farther from work, and what does that commute look like? Make sure that you know what you are willing to do or not do, and how much you are willing to give up.

Next is to start brainstorming where you want to move. Whether it be down the street or to an entirely different area, you’ll want to know not only about the homes but also the neighborhood itself. What are the amenities you seek in a neighborhood and what type of lifestyle are you looking for? Do you prefer a quiet suburban neighborhood to settle down in or a bustling metropolitan area with new things to explore? If you have children who attend public school, you’ll need to consider the school districts available to you. Working with a realtor can help you understand your wants and needs, and match you with the proper home and neighborhood best suited to your lifestyle.

Once all of these considerations have been reviewed, you should start planning your budget and get an understanding of where you can afford to move. Can you stay in your existing area, or are you priced out? Does it make more sense financially to take on an expansion project, or start fresh with a new home? If starting fresh seems like the best choice for you, a realtor can exponentially increase your success while decreasing your stress in the oncoming home search.

Whether you decide on moving or expanding, Kristie Bergey can help. No matter if it’s home searching or contractor sourcing, Kristie’s decades of experience and extensive industry network are an incomparable resource for her clients.

As a resident of Philadelphia’s Fairmount neighborhood since 2004, Kristie Bergey carries both extensive knowledge and passion for the area and the exciting changes happening throughout the city. Her appreciation for the city’s history, attention to detail, and open embrace of the city’s cultural differences make Kristie a master at finding the perfect lifestyle fit for any homebuyer. She understands the nuances of each neighborhood’s culture, arts, and food scene and can match any buyer’s needs. Throughout her career as a business owner, Kristie has understood the importance of excellent customer service. Her background in event planning allows her to recognize that exceeding the customer’s expectations requires insight, open communication, and building a trusting relationship. Kristie knows how to listen to her client’s openly expressed needs, as well as pick up on their internal desires, which makes her talents as a real estate agent all the more valuable. When it comes to the purchase or sale of your home, Kristie Bergey is the go-to gal.