Remodel or Move: Which Option Should I Choose?

If you love your neighborhood, the kids’ school, and your leafy yard, then you might want to consider staying put. And don’t forget that you can always improve your garden, decor, and furniture to suit your style.

If on the other hand, the neighbors are nightmares and the school district isn’t great, moving may be the best option.

Think About the Time Invested to Renovate or Move

Whether you renovate or move, either way, you will have to invest a lot of time into the project. Either you are house hunting, packing, staging or you are picking out new tile, paint colors and living in a construction zone.

THink about how much effort each will take on your part. In fact, the time it takes to settle into a new home is about how long it can take for a home renovation project to be complete.

There really isn’t a faster option out of these two. But, there may be one that is less stressful for you.

Typically, it is less stressful to hire the right general contractor to do renovations than it is to find the right house.

Would Your Reno Be Over-Improving?

You want to avoid a remodel to your home that it is much more luxurious than other houses in your area.

This is called over-improving and can cost you big bucks. When a home doesn’t fit within the price range of similar homes on a block, that home is harder to sell.

The return on your investment might not be there if you have overhauled a starter home. You may have to lower your list price significantly.

Even if you choose to renovate, you should always consider the possibility that you might want to sell in the future. Consider the homes in your neighborhood to see if a major remodel will fit in where you live.

Consider your Budget

Many people wonder, “is it cheaper to remodel or buy a new house?”

The answer depends on your budget. First, you have to know what renovation projects you want to do. It might be adding on a fourth bedroom or remodeling the kitchen and all the bathrooms.

Do your research to understand how much money large-scale renovations cost. You’ll likely need to consult a remodeling company to get estimates.

A realtor can walk through your home and give you a house estimate. This number is what you can expect to list for based on recent homes that sold in your area.

You should also look at the type of home you’d want to buy and consider changes to your mortgage’s interest rate, principal amount and closing costs.

Moving into a bigger home comes with higher taxes and larger utility bills.

Why Do You Need to Remodel or Move?

Another big topic you should consider carefully is why you feel the need to renovate or move.

Maybe you need a home that is wheelchair accessible. These tips show you that you can make your current home accessible without moving.

Or maybe you really need an additional bedroom to accommodate your growing family. Sometimes, you just need a smarter layout and not more square footage.

You might be able to avoid moving by reconfiguring your current home with a more efficient layout.

This option will likely be less expensive than a move. And it will cause less disruption in your family.

Review your home’s floorplan with an expert to see what design options are available to you.

Now that you’ve considered these important questions, let’s look at the pros and cons of moving and renovating.

The Pros of Moving

Moving can be exciting. It lets you choose a home in a location you love. You can have a list of your top wants and find a home that has them.

For example, you may really want a big yard with a pool, a finished basement, and a large pantry in the kitchen.

You can also decide to build a brand new home to your exact specifications. You won’t have to give up anything this way.

Moving also gives you a fresh start.

The Cons of Moving

Selling a home comes with a bunch of expenses including moving costs, land transfer taxes and realtor fees.

You may need new furniture and decor to get your new home to look just as you want it to.

Moving takes a lot of time. You need to pack everything. Then you also have to arrange to have it all loaded and delivered. Tight closing dates can make moving even more stressful.

There may also be family members, especially young kids, who don’t want to leave their room and beloved neighborhood. Moving can be hard emotionally.

There is also the stress of selling your home for your desired price. You may not always be so lucky. And there’s also the stress of making everything perfect for open houses and showings.

The Pros of Remodeling

One of the biggest advantages of remodeling is that you can stay in a house full of your memories. And you get to stay in a community you love.

Because you’ve lived in the house for a while you have a good sense of what works and what doesn’t. So you’ll be able to make specific changes that make your home more functional.

With renovating, you don’t have deadlines or moving expenses. And in the end, you have a home you love and get to keep making cherished memories there.

The Cons of Remodeling

Remodeling can be frustrating. If you are renovating the kitchen, you’ll have to go without using the space for some time. Often people move their fridge into another part of the house during part of the reno.

You will have to put up with dust, noise, and mess during the renovation. You’ll have to be patient as there are often delays with remodeling.

And the expense could be greater than you anticipated.

Bottom Line

At the end of the day, the decision to remodel or move is different for everyone. Loving your home contributes to your family’s happiness. So this is a decision that matters.

Next, learn how to paint bricks for home remodeling projects.