When your home’s no longer the castle of your dreams, you face the choice of remodelling or moving. You need to consider several factors in order to determine which option's best.
If you love your current home, you'll likely want to consider renovations; however, they can be expensive and inconvenient. Living in a construction site is very stressful and it's not uncommon to have projects go over budget or take longer than expected.
Start by getting a few quotes to determine whether renovations are feasible. Just don't over improve your home to the point where it becomes the most expensive house on the street as it will be very difficult to recover the cost of your improvements.
If you and your family are looking to start an exciting new chapter of your life, it might make more sense to pack-up and sell. Moving into a new home's very exciting especially when you find exactly what you're looking for! Take into account though that moving can be stressful if you're not properly prepared.
To make your decision easier, have a real estate agent provide you with an estimate of your home's current value compared to what it would be worth after the renovations. Next, examine the current housing market. Finally, consider the time and disruption that each option presents.
There's no right or wrong answer to "Should I stay or should I go?" as everyone’s situation is unique. Your choice is a personal one but make sure you consult various professionals so they can help you weigh up the pros and cons of each scenario.