It depends if you like your present home location and if you are willing to go through home renovations. The great thing about renovating a home is you can get exactly what you want. We just about completely renovated our “forever home”. It took about 5 years for most of it: new roof, new furnace, new driveway, new rock walls, new paved patio and walkway, new front door, new flooring, new kitchen and bathrooms, new oak staircase and bannister, and new wall to wall carpeting. We fixed all nail pops and cracks in walls and ceilings, sanded and primed, washed all doors, walls and ceilings and painted the entire interior. Got commercial epoxy flooring in the garrage. I researched extensively all items chosen for our home, read lots of Houzz articles and discussions. I researched, interviewed and read reviews on all craftsmen: carpenters, plumber, electrician, tiler, kitchen designer, and rug installers. Luckily we had most of it done prior to Covid 19 when I was working from home and my husband was retired. All my efforts paid off. I love my home now, it reflects our taste and style. It was a labor of love!

Wood trim is back. So are wood cabinets. Don’t make the mistake of planning a dead trend, like gray anything.

It might be worth it if you're going strictly cosmetic -- not adding square footage or knocking down walls. Either way it's going to be expensive. The advantage of remodeling is you can do it one piece at a time and shop for deals. As for the hassle factor, both remodeling and moving are a great big old hassle so choose your poison. One thing to factor into the decision is the cost to move, which far exceeds the purchase price of the new house. You'll have substantial selling costs, escrow costs on both ends of the deal, moving costs and the inevitable "the old sofa doesn't fit in the new family room" costs. Another factor to consider is the market in your current neighborhood. Are others upgrading their homes in ways you're considering? If so, that's a plus. If not, you could wind up over-improving your house. Whatever you decide, be prepared to spend a lot of $$$. Good luck figuring out this age-old dilemma.

Location, location, location. You didn't mention the location of your choices.

Another issue you have to consider is the disruption each option will make in your lives - the move, the time for remodelling, things torn up in your home, different work/school/commute issues, etc.

Thank you everybody!

TorontoVeterinarin- yes you bring up a good point. Current house has a great location. Not an issue. Disruption is a good point- both are going to cause a lot of disruption. I should add to the post that there is no mortgage on the home currently. So in moving would take on some additional 15 year mortgage. My main concern is not getting any return on remodeling from investment. But I suppose if we stay 10-15 years maybe that’s not an issue. But also we need to be smart would get some return just not 100%.

Kclubers/Vrbo thanks for the images. Grey does look nice and I’d consider doing something like that. But white seems to always be in style which would involve us updating the entire trim in house (or perhaps we can paint portions). Kclubers your house looks nice good job!

Einportlandor- according from the remodeler we spoke to others in the area are adding upgrades and it’s a pretty desirable neighborhood already. It’s a tough call especially with the market red hot. We also have a child due later this year so that makes it a bit more challenging.

I would say you should never expect a financial return on the costs of remodelling......Do it for your own utility and enjoyment, and to at least protect the existing value of a home, but don't expect you'll make that money back when you sell.

Your current home sounds FINE. Wanting a walk-out basement sounds extremely minor -- maybe a pregnancy-related whim -- whereas good schools *are* important. I would not undertake remodeling and a new baby all in one go.

Moving is easier than remodeling, and in most cases the 'all of one piece' house is superior to one with additions, but you're not talking about adding on, just updating. Still, that can take a lot more time than you can imagine and is extremely disruptive to family life...IF you can find good workmen.

I'd do the new windows. If you don't like the natural oak, paint it. What's wrong with the Kitchen, the MBA? Are they functional, but not 'the latest thing'? Also, you *know* this house, and it has new roof and furnace. It's not *ancient*, and may even be better construction than something in a new development. You could ask local realtors about value. Be aware they will have a bias; they'll be looking for business.

I agree with the idea of making this house *better* for your family to enjoy for the next 10-15 years. No one knows what the market will be then -- and that new construction you're considering will not be new anymore.

kculbers -- Your home looks wonderful, but not as a 'forever house'. I'm sure it will reward you when you move to a one-floor home as Seniors.

Thanks all. I think we are leaning towards staying and updating and will look to do it in stages rather than all at once. I agree with others, the hot real estate market and moving costs are certainly big draw backs. I should add now there is no mortgage. Baby is due in July so doubtful we can get this all in ahead of time.

Personally, if a house has good bones, and everything else (schools. neighborhood and lot) is roughly equal, I would always lean towards renovating. Short term disruption to make sure I got exactly what I wanted and be sure that the work was done correctly. We know quite a few people who thought they were buying to avoid renovating and got absolute lemons needing more work than their original home. Congratulations on your impending arrival!

Chisue: hubby and I are in our “Forever Home”. We are seniors and in great physical shape. I do step aerobics with light weights daily, dance, do hour walks, weather permitting. When I go for a Well Check once a year, my doctor always says that both I and my husband are the healthiest patients she has! My husband has 2 motorcycles and rides them, he hunts turkeys, pheasants and ducks, and he also works out and is in better shape than most 20 and 30 year olds. We take our nutrition very seriously and eat mostly non processed organic foods. I am a retired US Air Force Nurse/ Captain, and all military members are required to be in good physical shape and are tested yearly for it too. I take after my Russian grandmother who lived to 105 and was able to easily clmb stairs even when 100! So, yes, we will be in our “Forever Home” a long time, no need for us to move!!