Home improvement can be costly and time-consuming, but it can also be preferable to moving if you really love your neighborhood. On the other hand, your dream home might be sitting on the market right now, waiting for you to snatch it up. There are so many factors to consider when you’re thinking about whether you should fix up your current place or make a move, and the process can be stressful. Make it easier with resources and tips here, with advice for buyers and sellers alike. Then, check out all your options and weigh the pros and cons of each choice.
Thank you to Sarah and Mark Velasquez, the creators of Our Perfect Abode, for sharing this content. After years of renting, they recently bought their very first home. They’re currently hard at work turning that fixer-upper into their perfect abode and are sharing their journey and all the tips and tricks they pick up along the way on their website.
Check Your Budget for a New Massachusetts Home
If your heart is set on a move, it’s wise to take a look at your financial situation before diving into the home search. Once you have a budget, research all your loan options to find out what you’re eligible for.
If you’re a veteran or an active military member, VA loans (available through a program established by the United States Department of Veterans Affairs (VA)) are available that come with several benefits such as no required down payment and a lower minimum credit score requirement. They also guarantee repayment of the loan to private lenders, giving you an advantage for approval should you meet VA mortgage requirements. While there’s more flexibility involved with VA loans, you’ll still want to take a look at the interest rates, APR, and term and find out how much your monthly payment will be. Before you get pre-approved, boost your credit score as much as possible by paying down debt so you can get a great rate.
Get Your Massachusetts House Appraised
Appraisals are beneficial whether you’re going to stay in your current home or sell it, especially if you decide to seek a loan to finance repairs and renovations. You can also schedule an inspection to make sure there are no major problems before you start the process of selling or improving; this could save you quite a bit of money down the road and is highly advisable. Common issues found during inspections include water damage, faulty wiring, and poor drainage. If your home is less than 20 years old, you may be able to fix smaller issues yourself and save money on a contractor, but leave electrical, plumbing, and other big repairs to the pros.
How Long Will You Stay?
After the inspection and/or appraisal, weigh the benefits of making repairs and improvements against how long you’re planning to stay in the home. If it’s the house you know you want to grow older in, making changes now can help you age-in-place safely down the road and will keep you comfortable for years to come. If you think you might sell at some point, certain changes might be better than others. For instance, a bathroom or kitchen upgrade would be a great selling tool, but a sun porch addition might only appeal to you. Do some research to find out what kind of remodels and improvements bring the most return on investment in your area.
Location is Everything
Outside of the costs associated with moving or remodeling, it’s also important to think about your location. Are you in a place you love? Will the school district be as great if you move to a new neighborhood? It can be a challenge to find the perfect home in the perfect spot, which is why so many homeowners choose to renovate and stay where they are. If you’re not attached to the area you’re in, moving is a great opportunity to find a better community – in Massachusetts, during the pandemic, for several reasons, residents sought out large custom homes outside Boston.
Making a decision between renovating and moving can be difficult, but by weighing these factors and considering all your options, you can make the right choice for the needs of you and your family. Look for resources online that will help you make informed decisions throughout the process.
Keith Munsell 
