When you first moved in, your house was the home of your dreams. It had everything you needed, the right amount of bedrooms, and the space you needed. It was the perfect fit.

But as the years have passed, the list of things you want to change that was once non-existent has continued to grow. It’s time to make a big adjustment; you either renovate your current home or pack up and move.

Both options are expensive and are huge commitments and investments. Before you start taping up cardboard boxes or calling up contractors, ask yourself these questions to help decide between the two options.

How much will it cost?

Both renovating and moving can be expensive. To help decide what’s the best option for you, compare the cost between the two. How much will the renovation cost? Not just the cost of the renovations, but also how much lodging will be if you have to relocate during construction. Compare those numbers to how much it would cost to purchase a home that has the features that you want. You also need to consider the expenses to sell your current house, like getting a realtor, any necessary repairs you need to do, and movers.

How much change do you want in your home?

Are you looking for a new look in your kitchen? Maybe you want to renovate your basement and make it into a living space instead of a concrete storage room. Or are you looking for additional rooms or another level to your home? Consider how drastic of a change you are looking for in your home. If it’s more cosmetic, a renovation might be the right choice. If it’s more structural, moving might be a better option.

Is it a good time to buy or sell?

What is the housing market like in your area? Is it a good time to buy the type of home you’re looking for? Is the type of home you’re looking for even available? On the other hand, will you get a good price on the home you’re selling? Look at the comparable prices of recently sold homes in your area to see what the market is like to decide if it’s a good time to move or if it’s a better idea to stay put and renovate.

Are you looking for an external change?

Some of the changes you are looking for may be outside of the house. This could mean a bigger front or back yard, a pool, or a gazebo. These changes may go beyond what’s possible with renovations and you may need to move. But moving comes with changes that are beyond just your home and include new neighbors, a new community, and a new school district. These big changes might be exactly what you are looking for, or not right for you. When deciding between renovating and moving, consider external changes, including your property and your neighborhood.