There's a song from the 1980s by The Clash: Should I stay or should I go?

While the song is about an awkward romance, the question may apply to your home this spring. Can your home be improved to better suit your needs, or is it time to look for new dwellings? Should you stay — or should you go?

This isn't a question to take lightly! There's a lot of money at stake, but your home also needs to be the place you feel comfortable and happy. If you don't love your home, it can really affect how much stress and anxiety you feel, your blood pressure, and even how well you sleep at night!

This may feel like an emotional decision, but making the decision to renovate or move to a new home is mostly just a complicated calculation! In the end, you're trying to figure out whether remodeling or moving to a new home is the most cost-effective change for you in the short term and the long term.

Here's what you should consider:

The Cost of Moving

Whether you move or remodel your home, you'll incur costs.

If you're moving, there are several costs you'll need to estimate. These include:

• Commissions to your realtor or real estate agent
• Moving trucks, boxes and labor to physically move
• Minor repairs that a buyer request
• The cost of a new home (may be higher than the selling price of your current home)
• Plus, the "time value of money" for the time you spend changing your address and handling other logistics surrounding a move

The Costs of Renovations

Renovating isn't cheap, either. You should consider:

• The cost of hiring an architect and getting permits.
• Remodeling costs, including materials and labor.
• What you can do yourself versus what you need to hire a professional to do.
• Related expenses, like what you'll do for the six weeks that you have no working kitchen!
• Financing costs for the renovation, including interest if you aren't paying cash.
• Extra money for unexpected costs: What if your contractor finds termites, for example, and needs to replace your subfloor?

Research the Real Estate Market Locally

In a lot of areas, the real estate market surged during the pandemic and has cooled off a little bit in recent months. If you live in a hot real estate market, you may be able to convert your sales profits into a bigger, better home. It's really best to consult a realtor at this point, as they'll be able to give you solid information about how much your home is worth, how much you could sell for, and what you need to do to maximize your sale price.

Check In with Your Emotions!

Yes, there is an emotional component to this calculation. There are a lot of people who don't love their home but really love their neighborhood. Does the thought of selling your home make you sad? Do you love your location? Do you have children who are really attached to their friends and school? Would you have to move further away from work and friends to afford the home you want? While these factors are hard to quantify, they're important to consider.

Be Practical!

While a renovation can improve your home, you may need to remind yourself to be realistic about the problems it can solve. Renovating your home won't change your school district and won't move you from a condo or townhome to a house with a big yard. You might not be able to do all the renovations you want for your budget. Or, your city or county might have restrictions on how big you can make your house!

Where to Turn for Help

Whether you decide to move or improve, there's one place you should start: Your local CommonWealth One branch. (Or, you can call us!) We're here to help. Here are some of the ways we can make the decision and process of buying a new home or renovating easier:

Home Renovation Funding Options

A cash-out refinance can get you a good interest rate on your mortgage while tapping into the equity of your home. Our mortgage specialists can walk you through the process of refinancing your home loan and taking out the cash you need to make the renovations you want.

Or, talk to us about a Home Equity Loan or Line of Credit (HELOC), a more flexible option for your renovation needs!

Lower Rates on Mortgages

You're right in thinking that mortgage rates are higher now than they were a year ago. But when you get a new mortgage from a not-for-profit credit union like CommonWealth One, you'll get the best rate in town! It's because any profits CommonWealth One makes go back to our members in the form of better rebates and lower interest rates than for-profit banks.

CommonWealth One can handle your needs for Adjustable Rate Mortgages (ARMs), VA loans for military veterans, FHA loans and other unique options and needs. Just ask! Register for our free "Mortgage Q & A" webinar on Wednesday, May 17 to get answers to any questions you may have about the different loan types, the loan processes and get tips to help you navigate your loan options with confidence.

Real Estate Assistance

We're also proud to partner with HomeAdvantage, which can help match you with the right real estate agent for your needs and give you cash back at closing, too! Learn more about the benefits of working with a CommonWealth One HomeAdvantage Realtor at cofcu.mycuhomeadvantage.com.

No matter what you choose to do, we're here to help you and your family make the best decision this spring. We're here for you, for life.