Should You Remodel Your Home or Move?
As your family continues to grow, the need for more space becomes inevitable. If your current household setup is no longer able to accommodate your lifestyle, you have a couple of options: you can remodel your current home to make it more accommodating, or you can move to a different home that better suits your needs. But which move makes the most sense? “Remodel or move” is a question for all homeowners to consider carefully. As a remodeler, I understand the importance of maintaining a functional, beautiful home and with proper planning, you will be able to evaluate and decide what you need both now and in a couple of years. For the past few years, many homeowners have found that staying in their current home and tackle remodeling projects has been more cost efficient than buying a new place.
Before you make the decision for yourself, consider these potential benefits for staying put:
- Satisfaction: Although at times it’s inconvenient, remodeling your home can be a very exciting adventure. Watching the
transformation of your outdated or cramped house into a more suitable space can be quite satisfying. If you choose to
simply move, then you will not experience this evolution unless you custom build your next home.
- Personalization: One major benefit to remodeling your home is customization. When it comes to key aspects such as layout and style, you will be the ultimate decision maker. You have the ability to choose every detail to maximize the functionality for your family. By moving into a new home, be prepared to make some compromises as its unlikely that you will find one that has every detail you envisioned.
- Community: If you happen to enjoy living in your specific neighborhood, community, or school district, that itself can serve as motivation to stay put. Many times homes are similar throughout the neighborhood, so you’d need to look elsewhere to find something different from what you already have.
- Investment: It’s no secret that with any remodeling project, you have the potential to increase value of your home. Even though you are tackling this project to make your home more tailored for your family, you do need to keep in mind that eventually it will be sold, and therefore needs to not be too customized. A good home remodeler can help you design and renovate your home to the way you want it, while simultaneously keeping an eye on one of your biggest lifelong investments.
- Trouble Selling: In today’s real estate market, selling a home is incredibly challenging, even ones located in the more desirable neighborhoods, and may take a considerable amount of time. With depressed home values, you may need to set the selling price lower than what you want, and even then it may sit on the market for a long time.
There are advantages and drawbacks to either option in the “move versus renovate debate,” so it’s important to take the time to evaluate the pros and cons, the costs, and logistics involved. Although recently most homeowners have decided to remodel rather than move, you should make your decision based on what best suits you and your family’s needs.