Is Renovating or Relocating Right for You?
Renovating or relocating is a difficult decision that many homeowners face at some point. Should you move to a new home or remodel the one where you live? Here are some questions and tips to help you decide which is best for you.
Money is probably the number one concern about moving. Sales commissions, closing costs, loan fees, inspections, appraisals, and moving fees all add up. You’ll likely also have expenses just to get your current home ready for market. If getting top-dollar is your goal, you’ll need to get your home in great condition.
If you buy a new home that costs more than your existing one, the property taxes will also be higher. Also, it’s likely that you will still want to make some changes to your new home after you move in.
Here are some questions to ask yourself when deciding between renovating or relocating:
- Can you sell your home and buy a more favorable home at a similar price?
- Would your current home need a lot of repair work to sell?
- If you have kids, would they have to change schools?
- Would you be committing yourself to a longer commute each day?
Many factors go into deciding to sell your house and move. The top two things to consider are costs and convenience. If your home already has a convenient location and the neighborhood has amenities that you value, you may be better off staying in place.
If you love your location and like your house, it might just take a few improvements to turn it into your dream home.
Decide what you want to change about your home and get several estimates for the projects. This isn’t a definitive price but will give you a rough idea of what remodeling your home will cost.
Get quotes from reliable contractors that are recommended by people you know who can show you the work they’ve completed. Be detailed and be clear about the quality of craftsmanship you are expecting. They can then go back to the office and calculate an estimate for the renovations.
Decide Between Renovating and Relocating
When your current home isn’t meeting your needs, there are two viable options: making improvements or moving. Neither is an easy process and both require a financial investment. Make a list of the pros and cons of each option to help with your decision. Each homeowner’s situation is different so there is no one-size-fits-all answer.