Every homeowner will face the tough decision of whether to renovate or relocate at some point. Perhaps you have grown too familiar with your current space or have added more to your family — it’s inevitable to desire a change-up in the way things are. The challenge is, choosing between moving or improving isn’t as straightforward as it may appear to be. There’s no single answer as to which is better, but you can guarantee the best decision when you weigh these factors wisely:
Look and function of your home
Examine your current space closely. List down what you love about it and what you want to change. If your home has unique features that are hard to find elsewhere and your only frustration is the size of the rooms or the curb appeal, then it’s wise to stay and remodel. Check with the local government if your renovation plans satisfy zoning requirements. Make adjustments, if necessary. If there are too many restrictions though, which you can’t compromise, then it’s time to go search for a new home. If you’ve realised you’ve already outgrown the amenities you once loved about your home, say, the roof deck or ceiling library, and that you’ve set your mind on other home features, then it does make sense to move. Just like the first time you went house hunting, draw up a list of your needs and wants in a home, plug it in in real estate websites, and narrow down your options from there. Check out the house and land that Tarneit communities provide and you might just find your next home there.
Neighbourhood
Another thing to consider in your decision is your location. If there has been developments around your neighbourhood, restaurants here, malls there, and schools everywhere, it might be a good idea to stay and just expand your current space. You want to take advantage of being at an up-and-coming neighbourhood, plus, of course, maximise the convenience of your location. But — and this is a very big exception, if your neighbours aren’t expanding their houses themselves, you don’t want to get into it either. Why is that so? Well, should you decide to sell your big home in a few years or so, you don’t want to be in a market competing with smaller properties, which are most likely cheaper, and therefore quickly sellable. So if your neighbours are lingering on the original size of their homes, and have no plans of expanding in the near future, but you want to, might as well just move to a bigger home.
Budget
Of course, the budget will play a big factor in your decision. You should be able to compare the costs of renovating and buying a home. It may seem like remodelling is the more budget-friendly option. But in truth, if you get into the dirty details, sometimes buying could be a less expensive move. Consult renovation specialists and ask for a quote. From there, see if you have enough savings to cover a remodelling project. Take a look at the price range of the houses you would want to move into as well. Check if the money you’d get from selling the home can suffice to buy another. Assess which is the more pocket-friendly choice.
Renovate or Relocate
Move or improve is a question many people struggle with once they’ve outgrown their homes. If you’re struggling yourself, consider the mentioned factors carefully to make the best decision.
Loves home. I am here to provide how to make your home a much better place. 🙂 Blogging about HomeDecor, Home Improvements and more.
