Should I Remodel or Move?
If you are a homeowner unsatisfied with your current living situation, you have two options: to remodel or move. Most Americans agree that moving is one of the most stressful life events, but is living in a construction zone any easier? There are several factors to consider when making this type of decision, from your current financial situation to what motivates your desire for change.
Here are four questions to ask yourself before you call in a contractor or realtor:
1. What is the Overall Cost?
One major factor in home improvement and purchasing a new home is the overall cost of both. Whether or not it’s cheaper to renovate or sell depends on your current mortgage rate and how much money you have in savings. While remodeling comes with immediate expenses, moving can put funds in your pocket now but cost more in the future. Make sure to consider all possible expenses before you make a decision. Expenses include permits, architectural plans, materials, labor, financing costs, and hidden fees for a renovation. If you decide to move, keep the selling cost, realtor commissions, moving fees, minor repairs, the price of a new home, and upsizing costs in mind.
2. What is the State of the Housing Market?
The current state of the real estate market is another crucial consideration in the remodel versus relocate debate. Your local market, and even your neighborhood specifically, can make all the difference in your decision. You should also contemplate the seasonal house selling trends. Homes typically sell faster during the warmer months and are more likely to sell at or above the asking price as well. Do your research on the area, assess your home’s marketability to buyers, speak with a real estate agent, and consider the neighborhood you want to move into before you list your home for sale.
3. Are You Emotionally Attached to Your Current Home?
There is more to your decision to remodel your home or move than finances. It is important not to downplay your emotional attachment to your current home and community. Many couples feel sentimental about the first home they bought together, whereas other families inherit their homes after a family member’s passing. You also make countless memories in your home that can be difficult to leave behind. Consider the community, neighbors, schools, and local businesses you sacrifice before you decide to move.
4. Is the Timing Right For You and Your Family?
Timing is everything in updating your home or selling it. Either option may not always be practical or feasible, depending on your stage of life and your family’s needs. Selling your home and moving could mean changing school districts, different commute routes, and a change in mortgage payments. On the other hand, a remodel requires more patience and flexibility if unexpected issues or delays arise. Keep your long-term goals in mind and make sure they align with the ultimate choice you make.
Your Dream Home Awaits
Whether you decide to remodel your current home or move to one that needs some work, The Window Depot is your source for home improvement. From windows to doors to cabinets, we carry everything you need to get the job done right. We are committed to helping you create the home of your dreams.