Homeowners who have been in their home for several years may find a time when they’re faced with the decision of either remodeling to update their home with the features they want or moving to a new home that already has the features they desire. If you’re trying to decide if you should remodel your home or move, here are a few things to consider to help you make your decision.
Consider the costs
Moving can be an awfully expensive undertaking, so it makes sense to compare what it would cost to renovate your home versus moving. Renovations come with immediate, out-of-pocket expenses, whereas moving can put money in your pocket now but cost you a lot more down the line depending on what the new house needs done. Make a quick budget of what it’d cost for you to move, including moving costs, closing costs, possible required repairs that need to be done to sell your home, and compare it to what renovations may cost you. Depending on the outcome, the financial aspect alone may help you decide whether it’s better to stay or move.
What kind of changes do you want in your home?
Make a list of what kind of features you wish your current home had. Depending on what you’re looking for, you may or may not be able to do those renovations to your existing home. Want a second story in a neighborhood that only allows single stories? Chances are you’ll have to move. Looking to significantly increase the square footage of your home but don’t have the lot size to accommodate it? Again, moving may be your only option. However, if you’re looking to have a gourmet kitchen, a luxurious master bath, or a functional outdoor living space, remodeling may be the better option. Working with remodeling professionals that can come in and tell you what’s possible from a structural standpoint is a great way to find out for sure. Oftentimes, homeowners can’t envision how they could possibly get the kitchen of their dreams while a renovation company can see past the current layout of the home and know what’s possible.
Is the timing right to sell your current home?
With current conditions, many people are hesitant to buy or sell a home. As a seller, you may not want people outside your protected circle to enter your home out of health concerns for your household. Buyers may not be interested in buying a home if they can’t look at it themselves multiple times, and really see all the features of the home. On top of health concerns, the economics might be challenging at the moment for a move. Will your house sell? How is the inventory in the neighborhood you’d like to move to? If it’s limited, you may end up in a bidding war and paying more than you want to for a home simply to get that dream kitchen you always wanted. Knowing the market can help you decide to whether to stay and renovate or move.
Consider how you feel about your neighborhood
If you’ve lived in your home for some time now, chances are you’ve developed strong feelings about your neighborhood. Renovating your current home will allow you to stay in the neighborhood you’ve come to love, whereas relocating will put you in an entirely new community most likely. Understanding how emotionally attached you are to your neighborhood and neighbors can help you decide what to do.
How flexible are you in getting what you want?
With the real estate market fairly hot right now in Arizona, chances are your choices might be somewhat limited. Understand that you may not be able to get the exact home you want. Remodeling, on the other hand, puts the control in your hands. As long as your budget and house can accommodate it, you can get the kitchen or bath you want without having to settle.
Deciding whether to stay and renovate your existing home or find your ideal home to move to is a big decision. Use these guidelines to determine if you should remodel your home or move to get the house you want.