If you love your home's location-specific qualities (like great local schools or access to amenities), you could have a tough time replicating those elsewhere. And if renovating could make your home livable for more than seven years or so, and if you can handle the mess and inconvenience of a big remodeling project, you're probably better off staying put and investing in updates that will make the home work for you. Before you begin, be sure to: Create a renovation budget, and determine how you'll finance the project. Ensure you aren't overimproving your home for the neighborhood (which could make it hard to sell later). Investigate and obtain any necessary permits. Assemble your renovation team.