Is your current home no longer meeting your needs? Deciding whether to renovate or relocate can be challenging, with each option presenting its own factors to consider, including costs, time, and impact on your lifestyle. Here are a few key points to help you weigh your options:
1. What Are Your Reasons for a Change?
Some of your home’s limitations can be addressed with a renovation, while others might require a move.
Renovate: Updating kitchens, and bathrooms, or adding extra rooms can make your home more enjoyable and functional. Many Americans have chosen to remodel to meet their changing needs, especially during the pandemic. However, large renovations depend on zoning, permits, and the cost of materials. Consulting with an architect or contractor can help you make a well-informed decision.
Relocate: Sometimes, moving is the best solution—especially if you need more space, a shorter commute, or a new neighborhood. Whether you’re looking for a bigger backyard or need to move closer to family, relocating can provide the fresh start you need.
2. Financial Considerations: Renovate or Relocate?
Both renovating and moving have costs, so it’s important to assess which option makes the most financial sense.
Renovate: Costs can vary, so getting quotes from contractors and considering all potential expenses is essential. Some upgrades may boost your home’s value, but others might not offer the same return on investment. We’ll help you understand how planned renovations might impact your home’s future value.
Relocate: If you’re seeking features that your current home can’t provide, moving might be more cost-effective. While there are expenses involved in buying a new home, sometimes it’s cheaper than a large-scale remodel. Don’t forget to factor in moving costs and compare mortgage rates to ensure you’re making a sound financial choice.
3. Which Option Is Less Disruptive?
Renovating can mean months of living in a construction zone, with endless decisions to make along the way. Moving, though time-consuming, may be quicker and less stressful overall, especially if you find the right home.
Renovate: Even with a contractor’s help, you’ll need to deal with the noise, dust, and inconvenience of a renovation. Be prepared for possible delays that could extend the project timeline.
Relocate: Finding a new home and selling your current one can take time, but once you’ve settled on a property, the process is usually quicker than a large renovation. Plus, you avoid living amidst construction.
Let Us Help You Make the Right Choice
The decision to renovate or relocate depends on your specific needs and circumstances. We’re here to guide you every step of the way, whether you’re considering a remodel or a move to a new home. Contact us for a free consultation, and let’s find the best solution for you!
This information is intended to guide you in making a decision and is not financial, legal, or tax advice. Please consult appropriate professionals for personalized advice.
Sources:
- HousingWire –
https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/ - National Association of the Remodeling Industry –
https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY - Business Insider –
https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3 - Forbes –
https://www.forbes.com/home-improvement/contractor/home-renovation-costs/ - U.S. News & World Report –
https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home - Bankrate –
https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences - House Beautiful –
https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/ - National Association of Realtors –
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers - Forbes –
https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/
