Should You Remodel Your Home or Move?Posted on October 6, 2022
When your home isn’t quite what you want, it can be hard to determine whether you should remodel your home or move, especially if you’ve recently moved in or have lived there for a while. In a lot of cases, some remodeling and home improvement projects can give you what you need. In some cases, it may make more sense to move. Should you remodel your home or move? Consider these things to help make the decision that’s best for you:
1. Think About How Much Remodeling Your Current Home Would Need
Sometimes, just thinking about what remodeling your current home would need to make it your dream home is enough to determine whether you should remodel or move. What do you currently not like and are there things that can hurt your home value that you need to fix? If you only require a few projects to resolve the issues you have with your current home, then it likely makes more sense to remodel.
If there is a lot about your current home that you are unhappy with, it may make more sense to move; provided you can find something closer to what you’re looking for in your area. If you’ll have to remodel so much that you are practically building a new house, it may make sense to move or to explore new construction options on the land you own if you love the area and want to stay.
2. Consider How Much You Like the Area
When you are trying to figure out whether to remodel your home or move, it’s important to think about more than just your house. Also, think about the location and surrounding area. How much do you like the area in which you currently live?
If you love the neighborhood or town that you live in, it may make more sense to remodel your current home than to move. This is particularly true if moving would take you out of the area you like living in so much.
If you are not a fan of where you live and you want to try a new town or state, then moving makes more sense and the question becomes “should you remodel your home before you sell?” There are a lot of situations where it makes sense to replace your windows before selling your home and/or do other home improvement projects to fix issues, add value to your home, and give you a better chance at selling at a higher price.
3. Take a Look at the Housing Market in Your Area
If you think you might want to move and stay around the same area, take a look at the housing market in your area to get an idea of your options. How much inventory is available? How competitive is it? What are the prices like? Are there even homes available that are better than your current home?
If a couple of remodeling projects will turn your current home into your dream home and your local housing market is too competitive, has low inventory, or just doesn’t offer what you need, then it makes more sense to invest in remodeling your home instead of moving. On the other hand, if your current home requires several big projects and you find better options available on the market, that could be a case for considering moving.
4. Compare All of the Costs
If you’re happy with your location, one of the ways to determine whether you should remodel your home or move is to compare all of the costs associated with each.
If you’re thinking of moving, there are costs associated with getting your current home ready to sell, the cost of the new home and anything you need to pay for during the buying process, and also moving costs. You also need to consider any repairs or remodeling costs that may be associated with the new home.
If you’re thinking of remodeling your current home, think about the projects you would want to complete and get some quotes for them. Consider not only the costs associated with those projects, but also consider the increase in home value and enjoyment of your home that you will get by completing them.
Once you have a handle on the costs associated with each decision, it often makes it much easier to determine which is the better option for you. If the decision is still not clear-cut and obvious, balancing costs with all these other factors can help you figure out the best choice for you and your future.
Should you remodel your home or move? It’s a good question and one that has a lot of considerations that can affect what answer is right for you. If you’re thinking about remodeling or you’re not sure if remodeling makes sense, contact Zephyr Thomas at 717-399-4708 to start a free quote for your projects and get a better idea of the options available to you.