Did you know that Americans spent over $300 billion on home remodeling costs in 2018 alone? From cosmetic upgrades to full-blown renovations, homeowners spend an enormous amount of money sprucing up their spaces.
If you’re considering remodeling your home you’re not alone, but if a lengthy remodel sounds a bit overwhelming, you might be wondering if it wouldn’t be easier to pick up stakes and move to a new home altogether.
If you find yourself asking, should I remodel or should I move? You’re in the right place!
Read on to learn a few tips to help you decide whether to renovate or relocate.
Remodeling
As we mentioned earlier, taking on a full renovation project is no small task. Depending on how many rooms you want to redo and how in-depth you want these changes to be, it can be a months-long process.
In fact, some renovations will likely necessitate you and your family relocating for a time while they’re in their messiest stages.
However, this process may be the right choice for you. For example, if you’re in love with your neighborhood and the amenities it offers, staying put might sound more desirable.
Or, perhaps the homes in your neighborhood are increasing in value and you want to stick around a while longer to get the maximum return on your investment.
The main thing to consider, both with renovation and relocation, is your budget. Will your budget allow you to make the changes needed to make you fall in love with your home again? If that answer is yes, renovate away!
Advantages of Remodeling
Regardless of the extent of your remodeling plans, there are a few benefits you can expect to receive from the project. First, any improvements you make to an existing home is going to increase its value.
So if you’re planning to sell your home at some point in the future, a touch up here and there is never a bad idea.
Additionally, while remodeling can get expensive, selling your home and purchasing a new one can be even more costly.
Finally, you can design the home of your dreams while maintaining the one you’ve no doubt created many precious memories in. You will still be reminded of bringing your child home for the first time every time you pull into your driveway, but will also have all of the amenities to meet your family’s needs!
Disadvantages of Remodeling
Remodeling, particularly the more intensive variety, can become a bit of a nightmare if you’re not quite sure what you’re in for. To have a better idea of what you can expect to get out of the renovation, it’s a good idea to have a thorough home inspection completed beforehand.
Furthermore, remodeling requires a great deal of planning – both in scheduling and budgeting. You need to choose the time of year carefully, as they could displace you and your family.
And displacement is only one thing to consider in terms of budget. It’s very easy to go overboard with remodeling costs. A good rule of thumb is to budget 10% more than you think you need to accommodate for any surprises.
Relocating
Maybe renovating simply sounds like too much of a hassle. Or maybe you want to see what else is out there because of your budget. If either of these sounds like you, relocating might be the right option.
Even if you’ve loved your home for years, it’s okay to have outgrown it. And if it’s a seller’s market, you’ll likely be able to sell your home quickly! This article will help you learn more about the benefits of doing so.
Advantages of Relocating
Depending on your needs, your home may no longer suit you. For example, you’re starting a family soon and your home isn’t in the best school district or you live miles away from the nearest park.
Packing up and moving to a new home will allow you to choose the perfect area for yourself and your family.
Remodeling is great, but if your home is so far away from what you really want that it would be borderline impossible to achieve the results in your current space, it’s probably time to relocate.
Disadvantages of Relocating
Selling a home can be just as big, if not bigger, of a project as remodeling. There is a lot that goes into the selling process – repairs, cleaning, inspections, and staging, to name a few. Not to mention the hassle of leaving your home for an hour or so every time a potential buyer wants to view it.
Unfortunately, selling your home isn’t always a good financial move. Before deciding to put it on the market, you should consult a realtor, as well as a financial advisor, to help you make the smart choice.
Should I Remodel or Should I Move?
The decision to pour money into a home or give up and move on is a difficult one to make. But with this guide, the question of “should I move?” should be a little bit easier to answer.
At the end of the day, it comes down to pros and cons. Sit down with your family and make a list of all of the reasons you should stay put, as well as all of the things a new home could offer you.
Regardless of which category is longer, you’ll probably gain some insight into how you’re feeling through the process. If you find yourself secretly hoping the “remodel” category wins out, you might have your answer.
Looking for more tips on home renovation and relocation? Check out our blog!
