How to Determine Whether to Remodel or Move?
Should I stay or should I go? It’s a question almost all homeowners ask after a few years in the same space. Most houses aren’t perfect. But is the solution to remodel the existing floor plan or move to a different home? Both options have advantages and disadvantages, and the answer is different for every homeowner. Only you can determine which option is better for yourself, your family, and your home. Before you decide whether to remodel or move, ask yourself these questions:
Do You Truly Love Your Home?
People develop sentimental connections to their homes. The spaces are filled with fond memories and surrounded by friendly neighbors, favorite restaurants, and treasured parks. If you absolutely love where you live you sacrifice a lot when you move. Conversely, if you don’t have that sentimental connection, moving gives you a new home and a fresh start in a different neighborhood.
What is Your Budget?
You can’t decide whether to remodel or move without considering your budget. Both options can be expensive depending on the scope of your renovation and the cost of the new home. Figure out how much you could realistically spend on a remodel vs. a nicer home plus moving expenses. Then evaluate which option makes more sense for your budget now and moving forward.
What is Wrong With Your Space?
Your home could be too small or it could just have the wrong layout. A remodel may not give you more square footage, but it can reconfigure a space to have more bedrooms, an open kitchen, a finished basement, or an additional half bath. When the space it totally unworkable, however, moving lets you find a home that meets your exact needs.
What is Your Timeline?
If you need a new space before a certain date then time is of the essence. Explore how long a remodel would take, working in close consultation with your contractor. Compare that timeline to how long it would take to find, purchase, and move into a new home, factoring in that the real estate market could be highly competitive.
Can You Earn Back the Costs?
The cost of renovations does not automatically add an equivalent amount to the home’s value. On the other hand, moving creates significant upfront costs in the form of new mortgages and paying movers. If you move again before seven years some of that cost is lost. The remodel or move debate has a deep impact on your finances, so don’t decide before crunching the numbers.
How Do You Define Value?
What is your number one goal – to live in a more stylish home, to have a more valuable property, or to provide a better space for your family? None of these options means you should remodel or move, necessarily. The goal is to identify what you most want from your home. Once you know the answer it’s easier to focus in on the specific positives and negatives of changing a home vs. finding a new one.
Lars Remodeling & Design Makes the Ideal Available
Did you decide to remodel your home? If not, could your new home use some improvements and updates.?Or, if you’re still looking for a home, have you considered a custom construction? Lars Remodel & Design can help you with almost any home improvement or construction project. You can also work with our in-house design experts to explore your options and find what’s right for you. Whenever you’re ready to have a free consultation, contact Lars Remodeling & Design.