Renovating helps your current home meet your needs without having to pack up and move; however, sometimes your goals can’t be reached by remodeling. The following five factors will help you decide whether to renovate or move.
How to Decide If It’s Time to Renovate or Move
Deciding between renovation and relocation is easier when you consider a few important factors. Understanding the real estate market, counting the costs, and weighing your emotional attachment with the stress of moving will help you make an informed decision the whole family can get behind.
Renovation Costs Compared to Moving Expenses
When contemplating whether to renovate or relocate, one of the most important factors you should consider is cost. Remodeling a home comes with labor and material costs, and you may also be displaced from your home.
Decide how much money you can afford to invest, and keep in mind that the quote that your contractor provides is not set in stone. After the work begins, something unexpected may pop up that needs to be repaired or replaced. Plan to spend more than the estimate on the project and account for expenses like staying in hotels and eating out if your house will not be functional during the remodel.
In comparison, selling your current home would free up money for the purchase of a new home and moving expenses. You still may be facing large expenses, though, if your new home costs more than your previous one. Fees from hiring professional movers, setting up new utilities, and purchasing new furniture will also add up.
Real Estate Market
Another point to consider is how the real estate market is doing in your area. If you’re in a seller’s market, you’ll be more likely to sell your home quickly and for a higher price. However, if you are wanting to stay in the same area, this also means that the homes you want to buy will cost more and will sell quickly.
Your emotional attachment to your current home may give you pause when deciding if you should renovate or move. Before you commit to a stressful move, think about what your house means to you. Renovation could give you the best of both worlds since you can make improvements while staying in your current home.
Both renovating and relocating can be stressful. The stress of renovation is likely to last for a longer period of time, and the stress of moving is shorter but more intense. With renovations, you’ll need to find places to store your belongings, and perhaps even live somewhere else for a period of time if your kitchen or bathrooms are out of order.
While the moving process comes with its own levels of stress, from the real estate transaction to moving your furniture, it typically is condensed into a shorter amount of time than a major renovation.
Is it Better Timing to Renovate or Move?
Good timing is imperative when deciding whether to renovate or relocate. Current life events play a key role in which route is best for your family. Do your children like their school? Are you planning on expanding your family and need a bigger house and yard? Perhaps your kids have left home and you are ready to downsize. Consider your current and future life situations before making a final decision.
Looking at a variety of factors before deciding to renovate or relocate equips you with all of the information needed to make the best choice for you and your family.