Deciding whether to remodel or move can be a rather complicated decision. For one thing, it very well might be that both need to be done. Sometimes to get the best value for an existing property, it has to bring up to the level of other property in the area. Kitchens and bathrooms are the usual areas needing attention. Of course, these are also the areas most people want to remodel. Moreover, these are the areas that are mostly affected by molds that are really harmful as it grows around these areas. There are even toxic molds that are really harmful to you and your family members. In order to resolve this issue, you can try a certified mold inspection for your house. That will help you in completely removing mold from your house.
The next issue is the extent of the remodel. For some people, remodeling means to lay new flooring. For others, it means to remove the roof and add an extra story to the house. If the remodel means adding significant amounts of extra space to the house, moving may very well be the top option.
The house needs to be looked at with a critical eye. If the building is structurally sound, everything in the house is fairly modern, and the exterior presents well, a remodel will not necessarily enhance the value. In this case, unless the parents live next door and separating from them is not acceptable, moving is the best option.
If the mortgage equals or exceeds the current value of the house, moving does not make much sense. Of course, if cash flow is a problem, remodeling is not practical either. However, if cash flow is not a problem, remodeling can add value to the property plus make it a better place for the current occupants to live. This would seem to be a “win-win” situation.
The neighborhood and/or neighbors may be a large factor here. If children are established in school and the neighbors are great, even an extensive pricey remodel may be a great option. Anytime a movie is made, there is a risk that living in a new house with new neighbors might turn out to be a terrible experience. At the very least, a certain amount of time will have to pass before any new friendships can be established. This will give the feeling of a lowered level of happiness.
Children who are beyond the sixth grade can have problems linking to new friends. By Junior high and high school, many friendship groups have already been established. Often, the only groups that are willing to accept the newcomers are those that parents view as bad for their child. It is rare that a move late in a school career is a real positive for teenagers. Remodeling that house and staying put should be viewed as a strong choice.
The choice to remodel or move comes down to whether it makes financial and social sense. If either of these factors is a bad deal, it is better to do the other. Moving away from bad neighbors is a good thing, but leaving good neighbors is a bad thing. Investing too much in a house that has little room to appreciate is a wrong choice, but selling in a down market can be a painful experience, also.
So, many factors have to be brought to the table to make a wise choice. Moving slowly is the key unless someone has thrown a huge offer on the table or offered to sell a mansion for next to nothing.