The thought of remodeling is overwhelming, and the thought of moving can be just as bad. On the other hand, both circumstances can be very exciting. When you don’t have to move for the sake of being in a different area, but need or want a new kind of space, the decision becomes tough as to whether or not you should remodel to have the home you want or find a different home to suit you better. Let’s look at how to decide if you should move or remodel when it’s time for a new home.
To compare the cost of moving with the cost of remodeling, pay attention to the real estate market in the area you’re considering moving to. Is it a buyer’s market, meaning you’ll get a good deal and a good rate? Do you have a large down payment? Will you have a larger mortgage than you have now?
Next, speak with a contractor about remodeling costs. Ask around for recommendations for a contractor you can trust. A good contractor gives free estimates and can help you narrow down the important projects. For example, they know how to help you get what you want in your kitchen when remodeling, while still sticking within a budget. Contractors have been through the process many times and know what items make the biggest impact at a reasonable cost.
The last step is to compare the financial pros and cons of both moving and remodeling.
If you are quite attached to your community, remodeling allows you to stay put. If you have your eye on a different community or perhaps if you’ve outgrown yours, then it may be time for a move. Sometimes the neighborhoods we live in for a season are no longer the best fit for our new season.
What’s Your Timeline?
Do you need more space quickly? Remodeling projects are unpredictable and, if you’re in a hurry, time-consuming, too. If you have all the time in the world, and just want a change, then both remodeling and moving are realistic options. The speed at which you can move depends on the market.
Return on Investment
Consider ROI (return on investment) if you’re leaning toward remodeling. If you spend $50,000 to remodel, will the remodeling project raise the value of your home by $50,000? If your home is already on the high end of the market value in your neighborhood, you might not see a great ROI. Still, if the market is a hot seller’s market, remodeling—when done well—makes for a quick sale if you need to sell.
Hopefully, our tips for deciding if you should move or remodel have been helpful as you try to decide what’s best for you and your family. Either way, whether you move or remodel, remember that it’s the people that make a house a home.