The depth of the renovations has to be considered. If you live where your home is located but you need an additional bedroom or a home office, get some experts to come offer you a free consultation. They can tell you how long it will take and the cost. They can also take care of the permits and legal aspects of the job.
Sometimes, you can do the work on your own and save on the labour costs. Do you have the expertise to get the work done? Do you have the time to make the changes and to get the work completed in a timely manner? Do you need to take out a loan with either scenario? You may find you can get a home equity loan for a low interest rate to pay for what you need.
Are you ready for the disruption that will occur during a renovation? There can be noise, dust, and people coming and going from your home to get the work done. If you are doing the job on your own, it is going to take far more time. Can you do without that area of your home while the work is being done in segments? If you are renovating your kitchen or bathroom, it may prove difficult to get along without those areas of the home for long.
If you think there is too much your home needs to meet what you are after, it is time to move. Perhaps you bought it as a couple and now you are ready to have children and you want a large yard along with more bedrooms. Maybe you want to have a home closer to your job or with access to better schools. The current market value of your home should have plenty of weight in your decision. You don’t want to sell it for less than you owe on it. Ideally, you should be able to sell it, pay off the loan, pay the real estate agent, and have a good amount of money to use as a down payment on the new home.