There comes a time when changes to your living space are necessary. You may need more space for your growing family or feel that your home is too old and outdated. It can be tough to decide whether to remodel your current home or move to a new one. Consider factors like costs, disruptions, and the local real estate market when deciding whether to remodel or move.
Remodel or Move: How Can You Best Achieve Your Goals?
Make a list of your goals for changing your living space. Do you need more square footage? Are there chronic problems in your home that you want to address? Does your home need expensive repairs? Do you want a change of scenery? You may also be looking to downsize.
By brainstorming and writing down your goals, you may easily come to a conclusion on whether you should renovate or buy a new house.
Costs to Remodel or Move
Whether moving or renovating is more cost-effective depends on your specific situation. But if this is a driving factor in your decision, calculate the expenses involved for both. Get multiple estimates from different contractors for your renovation project. Include extra costs like storage for your belongings, eating out more, and possibly having to stay in a hotel while the work is being done.
Buying a new house and moving also racks up expenses, but if you are able to sell your current home quickly and for a good profit, moving might be the more affordable choice.
Disruptions to Daily Life
Both options will disrupt your life, but you can probably expect remodeling to cause more inconveniences for longer. It depends on what you are willing to put up with and for how long.
While buying a new house and moving is stressful, once you have settled in you can get back to your routine. Remodeling may mean months on end of workers in your house, which can be noisy and messy.
Your Real Estate Market
All markets have ups and downs, and real estate markets vary from place to place. Research your market and look at the prices of comparable homes in your area. If prices have risen so high that it will be difficult to afford a new home, it may make more sense to remodel the one you have.
However, if your real estate market is hot, it is possible that you could sell your house for a lot more than you paid for it. You definitely don’t want your house sitting on the market after you have bought a new one because you’ll have to make two mortgage payments.
There is no clear answer to the question of renovating or moving homes since it depends on various factors. A good first step is to determine what you are trying to solve by changing your living spaces, and then decide what makes the most sense.