Should I Move to a new larger home or renovate my existing home?

Your decision to move to a new larger home or renovate your existing home by increasing the square footage will primarily depend on how well you like your current area. If the neighborhood is in an inconvenient location to shopping, dining, and schools or the safety has decreased over the last couple of years, your best option may be to move in order to find a better area. However, if you are happy in your neighborhood there may be few reasons to leave.

Another factor is the cost to move versus the cost to stay. It is estimated that it can take up to seven years to recoup the money when you move. If you don’t plan to stay in your new home for at least seven years, you may want to consider building onto your existing home rather than moving. After all, you can build any room you desire or you can bump out existing exterior walls to create more space in your rooms. Common reasons to bump out the rear wall of a home include adding more kitchen and dining room space or increasing the size of a family room