Move or remodel: Which is best?

Whether you've been in your home for five, 10 or 15 years, you may become tired of looking at the same walls each day.

This could be a case of buyer's regret or simply an urge to update your environment, and you have choices to make. Some people would immediately hop online and start looking at home listings, but maybe the solutions isn't as drastic as moving. In some cases, a few renovations are enough to make your home feel new.

Here are some questions to ask yourself before making the decision:

What do you want?

An updated kitchen is typically not too challenging to create in a home. Contractors only need to rip out the old cabinets, replace existing appliances and make a few other changes. If you want another floor, however, you may run into problems with a remodel.

Think about what you want to change, and determine whether those changes are possible based on your home. Depending on its current layout and location, certain renovations may not be feasible. Certain communities put limits on how tall a house can be, for instance, which means the additional floor may not be permitted.

Which option is more affordable?

Of course, buying a new house seems more expensive than renovating, but there are certain costs that come with a remodel besides the construction work. For more extensive projects, you may need to vacate your home while the contractors work. If you can't stay with family or friends, you'll have to pay for hotel accommodations until the project is complete. Furthermore, if your kitchen is ripped apart, you won't be able to cook anything. This means ordering takeout until your new appliances are installed.

A new home purchase comes with its fair share of additional costs, such as moving expenses and real estate agent fees.

For both options, take some time to research price trends. Are homes appreciating? Are the costs of materials used for renovations going up?

Is your home fit for a remodel?

Ordering a property inspection can help you determine whether you're ready to move or remodel. Depending on the condition of your home, it may be best to move, as certain issues could be expensive to repair. Extensive foundation damage, for instance, can be costly to fix. Homes that have still have strong bones are great candidates for remodels because they are less likely to have more significant issues down the road.

How much do you like your neighborhood?

Location was a key part of your decision to choose your home in the first place, and it comes to the fore when determining if you're ready to move. Consider the amenities that are nearby. Are you close to good schools? How long is your commute? How's the quality of life?

Determine whether you are willing to give up the amenities that are available. On the other hand, your neighborhood may lack the features you want. In either case, moving is the sound option if you can find a new community that has more to offer. If conditions are favorable, however, upgrading your house appears to be best.

Which way is the housing market moving?

Buying a new home means that you'll have to sell your current one. The state of the real estate market may be more advantageous for buyers or sellers, which means you could have trouble selling or finding a new house. Account for the possibility of setbacks on either end that could mean a longer timeline for your move than you expect.