Renovate, Move Or Build?
Owning a home is a big part of the American dream, but what happens when your house no longer complements your lifestyle? Deciding whether to remodel your current residence or move to a new one can be a difficult decision, but each option has its advantages. If you are unsure of which path to take, read on to learn about the benefits of home renovation and relocation.
Benefits of Renovating
Remodeling an existing property allows you to create the home of your dreams in a familiar location. The following are common signs that a renovation may be the right choice for your situation:
- The current neighborhood provides the amenities and necessities that suit your lifestyle.
- You plan to stay in the area for a long time.
- You have the time, budget and patience to invest in a renovation project.
- The houses in the area are increasing in value.
- You are emotionally attached to your home and neighborhood.
Whether you are planning a major renovation or small cosmetic repairs, remodeling your property may offer benefits such as:
- The chances of moving into a perfect dream home are slim. Renovation, however, provides an opportunity to tailor your house to your preferences and specifications. It also allows you to increase overall livability and comfort.
- Added value. Even small home improvements can significantly increase the value of a home. These might include updating the front door, remodeling the kitchen, painting the exterior or upgrading to hardwood floors. The decision to renovate could pay off in both the short and long term.
- Temporary relocation. Revamping a home often requires long, invasive projects, such as with a total kitchen overhaul. Although the venture is ultimately valuable, it can leave you without a place to prepare food for months. Relocating while your house is under construction could save you loads of mess and stress.
- Avoiding the costs of moving. Remodeling is not cheap. However, it can help you avoid the commissions, fees, and hidden costs that come with moving. Homeowners and sellers can even save big if they do some of the renovations themselves.
Advantages of Moving
Considering what is involved with home renovation, you may find that moving could be a more suitable choice. It may be time to relocate if:
- You can afford to move.
- The real estate market presents a good time to sell.
- You wish to live in a different neighborhood.
- You want better schools, parks and community facilities.
- Moving is easier for you than building.
Ensuring your home is fit for sale and moving to another house offers several advantages, including:
- A fresh start. Whether you move next door or across the country, relocating allows you to meet new people and gain fresh perspectives.
- A chance to declutter. Moving is the perfect time to purge possessions that are no longer needed or wanted. Sorting and packing can also help you find items that you might have completely forgotten or lost.
- An investment opportunity. Selling can be a great time to upgrade if you have equity on your side. Moreover, buying a home ensures that the new property is modernized and up to code.
- More convenience. If the existing property is outdated and you have no desire to renovate, moving to a new place might be the right option. You could even purchase a house that is 100% move-in ready.
While cost is often a primary determinant, it is not the only factor to consider when deciding whether to renovate or relocate. To help you choose, think about your lifestyle needs for the present and future. Weigh the pros and cons for each option and do what is right for you. For more information, check out the accompanying infographic.