As a homeowner, you likely have certain parts of your home that you want to change. Do you yearn for more outdoor space? Is your family growing and do you need another bedroom or more storage? Or has the pandemic shown that you need a dedicated office space?

If you answered yes to any of those questions, you probably know you have two choices: renovate or move. Both come with their own benefits and downfalls, and they can be stressful, time-consuming, and costly. How do you know which option works best for you and your family? Start by asking some of these questions, and you should have a better understanding of where you stand:

What's the cost? Take a look at what exactly you want to change about your home. Is it more cost-effective to hire someone and make the changes or move into a home that already has what you want? Renovations come with an immediate, out-of-pocket expense, but moving can put money in your pocket now but cost you down the line.

Do you have an emotional attachment? Your home is a place full of memories, so can you separate the feelings of where your children took their first steps or you had your last celebration with a certain family member? Don't downplay these emotions before you decide whether you should move or renovate.

What are your long-term goals? Think about which area you want to live in five, 10, or even 20 years from now. What kind of home do you envision? Is it one in your current location or do you picture living somewhere across the country? Answering this question can help you make a decision that aligns with your goals and stage of life.

No matter what option you decide, renovating or moving is a significant life decision. Make sure you take the time to make the best decision for yourself and your family. Whatever option you decide, you can be on your way to living in your dream home.

Sources: Thezebra.com, Quickenloans.com, Keepingcurrentmatter.com