Most people agree that moving is stressful. Relocating to a new home isn’t an easy undertaking, but if you’re not in love with your current home, it is one of your options. Otherwise, you might choose to renovate your home. Updated spaces are great once they’re finished, but living in and around construction work isn’t easy. How will you decide if you will relocate or renovate?
In Deciding to Relocate or Renovate, Assess Your Needs
When you’re making a big decision for your family, take a look at how your needs have changed. If you loved the house when you first moved in, what is different now? Every family has unique needs, so make a list of yours.
Do you need extra bedrooms for a growing family? If you have transitioned to working from home full time, you might be dreaming of the perfect office space. Perhaps your family wants a larger yard to plant a garden and install a swimming pool.
After you have made a list of what you need, take a look at your current home. Can it be remodeled to meet your needs? If you would like a more functional kitchen, a renovation may be the best choice for your family. However, if you want to move the kids to a different school district, relocation may be the only way to achieve that.
If you’re not certain about moving versus remodeling, compare the costs of both. If you want to add a bedroom onto your home, talk with contractors to get a few quotes. Make a budget for the project. Take into account the cost of permits, flooring, paint, furniture, and decor for the new room.
Look at the cost of moving. Will you make a considerable profit on the sale of your home? Start looking online for homes you might be interested in purchasing. Relocating will involve hiring a moving company, paying a real estate agent’s commission, and making improvements to your current home to boost curb appeal and attract potential buyers.
The Real Estate Market Can Help You Decide to Relocate or Renovate
The real estate market varies from neighborhood to neighborhood and from month to month. You may need to do a bit of research to see how homes are selling in your area. If it’s a seller’s market, this might be a great time to list your property and move to a new area.
A real estate agent can help you determine the value of your home and, if you decide to move, may be able to help you find a property that better suits the needs of your family.
Does Your Home Have Sentimental Value?
Packing and moving to a new location is a lot of work, but it’s also an exciting adventure. The idea of starting over in a new home may be appealing. However, before you make the decision, think about the sentimental value of your house.
Did you inherit it from a family member? Maybe your daughter took her first steps here. Perhaps you wanted to own an old farmhouse and you hate to give it up. It could be that you and your spouse always dreamed of growing old in this home.
Renovations will make your home more functional. Explore options to create better, more usable living spaces for your family in a house you already love and you may decide you don’t want to move.
When making the decision to renovate or relocate there is a lot to consider. Talk with your family and do research about what it would cost to be happy in your current home versus the price to purchase a new one. Either way, you can work together to create a comfortable place to call home.