Should You Remodel, Renovate, or Just Move?

We all know how expansive of an undertaking it is to move – the packing, the selling, the buying, the moving, and settling into a brand-new place takes an exhaustive amount of time and effort. You’ve been thinking for a while now that you might need more space, or a more updated home, or a home with different or upgraded features – but do you opt to remodel your current home, or should you move to a new one instead?

The truth is that there is no single easy answer, of course. You’ll have to contemplate and consider several different things, like whether renovating will bring a good return on the investment you’ve made in your home, whether you can afford to purchase a different home, and if you have a deep emotional attachment to your current house or not. Experts help us decide further with a few key essentials that are not to be overlooked when you’re trying to decide on moving or home remodeling:

To Choose Home Remodeling or Moving?

Do you love where you’re at?

Before you pull out the mortgage calculators and real estate listings, consider how you actually feel about your current home. Take some time and consider what kind of relationship you have with your neighbors, and how you feel about where you are and the entire surrounding area. You may want to consult a residential architect for help; he or she could present to you some upgrade options you may not have even thought of, and can help you get maximum functionality out of your current home. Not sure how to pay for improvements? Consider tapping into your home’s equity for a loan for them.

Do you have the budget to renovate or move?

The ability to budget accurately and realistically is vital when making the decision to move or remodel; you need to consider not just the present, but the far-off future, as well. Many homeowners don’t know exactly what they want when it comes to renovations, and when minds change and things don’t go as homeowners thought they would, budgets get blown up.

Do you need more rooms or more room?

Many people decide whether or not to sell based on their need for more space. Keep in mind, though, that smarter layouts that add rooms without adding a lot of square footage can make a lot of sense, and help some homeowners decide against moving. Many three-bedroom homes could be converted to have four bedrooms, allowing a more efficient layout without having to expand into yard space they don’t have or don’t want to sacrifice. If a new room isn’t an option, then it may be time to sell.

Timelines and Problems

Consider whether moving to a new home will actually solve problems you’re having with your current location: are you stuck next to neighbors that are intolerable? A school district that isn’t real great? A cramped neighborhood with no yard and no privacy? If things like these are the main issues, you should move to alleviate them. Consider how long moving would take versus how long a renovation project would take, and keep in mind that many people overlook the fact that renovations can take serious long-term commitments. A bathroom remodel can take up to three months; a kitchen home remodeling project involving new everything can take three to six months!

Would a renovation earn you your upfront costs back?

You always want a return on investment when it comes to home remodeling; that way, when you eventually go to sell your home, you’re able to recoup the costs of the work that was done. You want to get your money back, basically. Some renovations can recover up to 90% of their costs, while others barely recoup 20%.

Be sure that, if you’re weighing your option to move or remodel your home, you take the time needed to really consider all of your options. Think about the issues presented above, and be sure that you can afford the time, effort, and money it takes to do these types of projects. If you’re looking for some ideas for home design, you can visit Chief Apprentice for training books for the in-home design software, Chief Architect.

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