Questions to Ask to Decide Whether to Renovate or Move
Every homeowner’s situation is different, so it may be unclear whether it is a better idea to renovate or move when you need a change. It’s important to consider various factors, like the costs, how attached you are to your neighborhood, and what you hope to accomplish. Here are 3 questions to ask yourself when weighing the pros and cons of buying a new house or remodeling your current one.
What Kind of Changes Do You Need?
Make a list of all the reasons you are thinking about renovating your house or moving. What do you hope to accomplish by this big life change? Are you dissatisfied with the size of your home, or is it too outdated? Are you tired of living in a city and want a property with more land? When you pinpoint your goals, it may become perfectly clear whether moving or remodeling is the right choice for you. If you still aren’t sure, you’ll need to decide whether you love your current location and which option will be more cost-effective.
Do You Love Your Current Location?
How attached are you to your current neighborhood or part of town? If your kids go to a nearby school, this might be a big factor in your decision-making process. If there are a lot of benefits to your current location and your goals can be accomplished with a remodel, it makes more sense to stay put. If one of your main reasons for wanting to change your living space is location-based, like to shorten your daily commute, you’ll be better off shopping for a new house.
Is it More Cost-Effective to Renovate or Move?
The cost will play a big role in your final decision. Which option is more financially feasible? There is no one-size-fits-all answer. The factors that determine the cost of renovating or moving include the scope of the renovation project, the current price of building materials, and the local real estate market. Get estimates for the renovation project and speak with a local Realtor about the type of home you are looking for to get a better sense of the costs.