Does your home meet your needs in terms of size, features, and comfort? Is it dated and in need of repairs? Your budget and lifestyle will help determine whether to move or make renovations. Other factors to consider include the size and location of your home and your neighborhood. Compare the pros and cons to help you decide whether to renovate or relocate.
Renovate or Relocate: Advantages of Renovating
One advantage of renovating is that you won’t have to move. If you have kids, they can stay in the same schools. Homes usually have a sentimental value since they hold so many memories. Renovating gives you the chance to update your current home and stay in your community.
If you choose to renovate, you may be able to turn your home into your dream house without leaving your current neighborhood. You can add a room to accommodate another family member, remodel your kitchen, or finish out your basement or attic for more space. Renovations increase the value of your home. If you ever want to sell your home in the future, you’ll get a return on your investment.
Disadvantages of Renovating
Some renovations end up costing a lot more than the initial estimate. Renovation expenses include paying for permits, architectural plans, materials, labor, and any other additional expenses that may come up.
During the renovation, you will have to live in a building site for months, which isn’t ideal. Some parts of your home may be inaccessible and you may even need to plan for carryout meals and to stay in a hotel. Renovating your home takes time and energy because, even with a general contractor, you’ll want to involved with what’s going on.
Advantages of Relocating
Relocating gives you the chance to find a home that already has everything on your wishlist. If you sell your current home, you’ll be able to spend more on a new one. In many cases, selling your old house is more cost-effective than renovations.
Disadvantages of Relocating
There are costs involved whether you renovate or relocate. Looking for a new home can be a stressful experience. It may also take a while before you find a buyer for your current home. There may be more steps in the process of selling your home and moving to a new one than undergoing a home renovation.
So, Renovate or Relocate?
There are advantages and disadvantages to both renovating and relocating. Cost may carry the most weight in the decision, although other factors like sentimental value and location are also important.