Should you renovate your home or move?

Teresa and Doug Riggs love their home. They are among the millions of Americans who have decided to renovate rather than move.

“We want to live here, be comfortable and have a nice home,” Teresa said.

Bankrate says homeowners should consider return on investment when remodeling. It’s also important to consider the potential stress associated with renovations.

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Kari Lindstrom, a realtor who helped the Riggs make their decision, said they weighed the size of the project and the profit they would get from it.

“If they’re going to live here for a while, they can invest in it, put some money into it and enjoy their home a little more while they’re still here and not lose a penny. penny,” Lindstrom said. “They will make money.”

Lindstrom cautions others about some projects that may not always yield a good return on investment.

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“You can spend a fortune on new windows, right? But are you going to recoup that 100%? Probably not. Also the heating, ventilation and air conditioning systems,” she said.

When is it time to buy instead of renovate? Bankrate says people should consider buying when their wish list just doesn’t fit their current home, when they have the opportunity to build on their home equity, or when the home they find fits all their desires.

Contacting a real estate agent will help you understand the pros and cons of each option. Those who decide to renovate can contact the agent for a list of reliable contractors. A good agent will always keep a list of people to call.