Should You Move or Remodel?
Posted on September 08, 2022
Many people believe that moving is one of the most stressful events in life. Unfortunately, living in a construction zone can be just as challenging. If you are a homeowner, you may have asked yourself, "should you remodel or move?"
Although this seems like an easy question, knowing the answer will depend on various elements. There are several factors to think through before making a decision either way.
Four Factors to Consider
In the battle of "remodel vs. move," there are four factors that you need to consider, the first one being cost. Is it cheaper to remodel or buy a new house? Cost is typically one of the most important factors in home improvement decisions.
1. Is it Cheaper to Buy or Remodel?
Homeowners will determine if it will be cheaper to purchase a new home that meets their needs or renovate their current home to provide them with everything they want and need. In general, this will depend on your current mortgage situation. How much money you have in savings will also come into play. Renovations come with upfront costs, which can be significant, so knowing the budget you are working with can help guide your purchasing decisions.
2. Is Your Family Emotionally Attached?
You will also want to consider the emotional attachment that you have to your home. What specifically will you miss about your current home? It is very true that you and your family may be attached to your home, more so than you initially thought. Consider the emotional implications for you and your family members before deciding whether you are ready to move to a new home and jump into something new entirely. Just because you feel emotionally attached to your home doesn't mean you shouldn't move, but discussions may need to be held before purchasing a new home.
3. Is the Real Estate Market Favorable?
Even if it is cheaper to move out of your home instead of renovating, it is important to determine whether you are getting the most out of your life-long investment. You may want to research current market conditions before putting your home on the market. Consider house selling trends in your area and when you are likely to have the best chance of selling your home for the most money.
4. Is the Timing Right?
Moving is undeniably a stressful process. Unfortunately, it may not always be a rational or even feasible decision. It is important to consider current life events before committing to a new purchase.
Moving to a new home may mean that your children will have to switch schools, there may be changes in your commute, and you may even see differences in your mortgage costs.
If you believe a renovation may be a more realistic option, it is essential to consider the immediate expenses associated with a renovation. Renovating a home may cost tens of thousands of dollars but there are many companies that work with you and your budget to come up with an affordable home renovation plan as well as offer special deals. Home equity loans are also available if you need a little extra for a renovation.
Pros and Cons of Each
Remodeling your existing home usually involves less change to your current lifestyle. If you move to a new home, you may have a longer commute and lose some of the things you like about your current living situation. However, you may have to deal with living in a construction zone for an extended time if you remodel.
Alternatively, moving can provide you with a fresh and new environment, a larger space, and a new floor plan. However, you may have to say goodbye to familiarity.
Is Moving Right for You?
Most people do not want to move to a new location and rebuild their life from the ground up. It is a significant change that can be incredibly stressful for some. However, for you, the grass may be greener on the other side.
Either way, if you decide to move or remodel your home, there will be a significant investment that you and your family will be required to make. It is essential to consider these factors to know which option is best for you.
Let Our Professionals Help You
If you are still unsure if it is better to buy a new house or remodel, you can reach out to our team at Expo Home Improvement. We can meet with you to discuss your current circumstances and help you make a more informed decision about your options moving forward.