When your home no longer meets needs, you face a fundamental decision: renovate or sell and buy new.
Case for Renovation
Makes sense when you love your location but need updates. If you have a low mortgage rate below 4%, selling and buying at higher rates could increase costs significantly.
Case for Moving
Moving makes sense when needs fundamentally changed. If renovation cost exceeds 50% of home value, buying different may be more cost-effective.
Running Numbers
Get quotes from three contractors. Add 15-20% contingency. Compare to selling costs (8-10% of sale price). Factor in emotional cost of living in construction zone.