Update or Relocate? Deciding whether to move or remodel your home
Should you stay or should you go?
Trying to decide between a move and a renovation can feel more like a dilemma than an opportunity. Both have their pros and cons, but regardless, each option is expensive and time consuming. As a family-owned business, we understand that every situation is different. Let’s take a look at some benefits and drawbacks of each, and explore some different options available to you if you do choose to remodel!
Pros and Cons of Moving
Pros:
Lifestyle Change: Moving to a new house can provide a fresh start, whether it’s a bigger space for a growing family or a downsized home for retirement. A new home might offer a layout that better suits your lifestyle, or it could be in a more desirable location, closer to work, better schools, or other amenities.
Avoid living in a construction zone: Renovations can be disruptive, noisy, and time-consuming. Moving eliminates the need to live through construction chaos, and you can start enjoying your new home as soon as you move in.
Better investment opportunity: Depending on the real estate market, selling your current home and buying a new one could be a financially smart move. If your home has appreciated in value, you might make a significant profit, which can be put towards purchasing your new home.
Cons:
Emotional decision: Leaving a home where you’ve created memories can be emotionally challenging. This is especially true if you’ve lived in the house for many years, and the neighborhood has become an integral part of your life.
Hidden Expenses: Moving can be expensive. You’ll need to consider costs like real estate agent fees, moving services, closing costs, and potentially higher property taxes in your new location. These expenses can add up quickly and might outweigh the benefits of moving.
Market Uncertainty: Finding the perfect new home can be a lengthy process, and there’s always a risk that the new house might not meet your expectations once you’ve moved in. There’s also the stress of selling your current home, which might not happen as quickly as you hope- potentially leaving you in an even more stressful situation.
Pros and Cons of Remodeling
Pros:
Customization: Renovating allows you to tailor your home to your specific needs and preferences. Whether it’s adding an extra bedroom, upgrading your kitchen, or creating an open floor plan, you can make your home exactly what you want it to be.
Increase in Property Value: Thoughtful renovations can increase your home’s market value. This can be a great investment if you plan to sell in the future. Even if you don’t intend to sell, the improvements can enhance your day-to-day living experience.
Familiarity: Staying in your current home means you don’t have to deal with the stress of packing, finding a new place, and adjusting to a new neighborhood. You can maintain your routine and continue to enjoy the familiar surroundings.
Cons:
Costly and Time-Consuming: Renovations can be expensive, and unexpected costs often arise. Moreover, major renovations can take weeks or even months to complete, during which time your home life might be significantly disrupted.
Property Limitations: Depending on your home’s current layout, your renovation options might be limited. Structural issues, zoning laws, or the need for specialized permits can restrict what you’re able to do.
Overcapitalization: There’s a risk of overcapitalization, where the cost of the renovation exceeds the added value to your home. This could be a problem if you plan to sell your home soon after the renovation, as you might not recoup your investment.
Remodeling Options
We are a residential remodeling company, so it’s no surprise that we are biased towards renovations! Luckily, there are multiple options when it comes to customizing your current home.
Additions: Need more space? An addition might just be your answer! From additional dwelling units (ADUs) to screened porches, the sky’s the limit when it comes to adding to your existing property.
Renovate: Needing a little pick-me-up? Renovating your kitchen or bathrooms is a great way to fall in love with your home again.
Customization: Storage and functionality are imperative to a well-functioning home. We are seeing more clients invest in smaller-scale renovations (i.e. closets, laundry rooms, built-ins etc.) that make a huge impact on the practicality of their spaces.
Take a look at a few of these high-impact renovations:
Custom Built-in Gallery
In conclusion, deciding whether to move or renovate is a significant decision that depends on many factors like personal preferences, financial considerations, and long-term goals. Moving offers the chance for a fresh start and potentially finding a home that perfectly suits your needs, but it comes with the emotional and financial costs of leaving your current home. Renovating allows you to customize your existing space to better fit your lifestyle, but it can be expensive and disruptive. Customizing your home through smaller, “micro-renovations” is a great middle ground option for homeowners who are not up for a complete remodel or willing to move.
Before making a decision, carefully weigh the pros and cons of each option, consider your budget, and think about what will ultimately make you and your family happiest in the long run. Whether you choose to move or renovate, both paths offer the chance to create a home that you’ll love living in.
Selections
Paint color is Riverway (SW 6222).
Photos by Kim DeLoach Photography.
