When the kids have finally moved out, couples are often left with a big house and more space than they know what to do with. One of those bedrooms could become a computer office, but what about the other three? If you’re finding yourself overwhelmed with the amount of space you now have and don’t know what to do with, you may be considering moving. However, before you take the leap to find a new house, let’s talk about the possibility of a remodel instead of moving away from your empty nest.
Make a Pros and Cons List
It may sound silly, but it’s best to start with a pros and cons list. Write down everything you feel about your current living situation. Do you like the neighborhood? How’s the commute to work? Is there something missing from your current home that’s been driving you crazy? Put down all of the things that have been nagging you for the last 20 years so you can compare. If most of the cons are related to the house, rather than the location, you might be able to knock out most of the list with a remodel.
Remodel Instead of Moving
People are often under the impression that remodeling is more expensive than moving. This can come from the belief that you have to pay for remodeling out of pocket. However, remodeling is often much cheaper than moving. Here’s why:
- Remodels can be funded by taking out home loans.
- Moving out of an old home can lose you a significant amount of money if the building has aged poorly. Not getting back the same amount you paid for your home means having to take out more loans to buy a newer home anyway.
- Moving to a new home means paying moving expenses, such as truck rentals, movers, storage fees, and more.
- Remodeling can bring your old home more into the present, meaning that if you decide to sell later down the line, you’ll often increase the sale price by more than you spent on the remodel.
Plus, when you remodel your home, you can expand the parts that matter. Consider a expanding your kitchen or getting a second floor addition to a house that you’ve outgrown.
Rediscover Yourself as an Individual
While remodeling opens the door of opportunity for all kinds of upgrades, it also offers you a new opportunity to rediscover yourself. All of those rooms your kids grew up in aren’t entirely useless. Not only can that space be used to expand spaces like the kitchen or living room, they can also be turned into personal space for you and your spouse.
With your kids out of the house, you have the rest of your life to spend occupying yourself. You don’t have kids to haul to soccer practice anymore. What will you do with your time? It’s never too late to learn a new trade or pick up a new hobby. Having a little extra space on hand to help with that never hurts. So, consider sewing, crafting, baking, painting, filming, collecting, woodworking, and more. There are endless things to learn and having space to collect new tools and materials for those hobbies is a luxury many don’t have. Take advantage of it!