Whatever the reason for moving — whether your family is growing or you want an upgrade — making a choice can be challenging. There are many pros and cons to weigh.
According to the Property Brothers, location, cost, and memories should be the most significant deciding factors, but it varies from family to family. Everyone’s needs and priorities are different.
Before you make your final decisions, here are some ways to help you decide if upgrading your home or moving makes the most sense and is most beneficial for you.
Things To Think About Before Making Any Decision
Remodeling your home or relocating are both big decisions that take a lot of thought and planning. Before you decide what to do, here are some factors to consider.
In some cases, the choice is easy. If your highest priority is to change to a different neighborhood or get your child in a specific school — moving is the only way to accomplish that.
Sometimes it helps to write things down and create a pros and cons list when making such a big decision. Here are things to consider and things you may not have considered before.
What’s Making You Want To Move?
Usually, the reasons behind the need to either upgrade your home or move will give you the answer. If remodeling doesn’t solve your problem, then the choice shouldn’t be hard.
Sometimes the reasons aren’t so obvious, or there are many of them; in this case, it’s best to put everything on paper and make priorities.
What Is Your Budget?
If you live or want to move to an area where homes are affordable, then it might make more sense to buy a new home. In places with expensive homes, it may seem more reasonable to renovate. Again, it depends on many factors.
Is Location Most Important?
If the location isn’t your highest priority, you could look into smaller areas or suburbs with affordable houses, especially if you’re currently living in an expensive city. That way, you’ll be able to sell your property for a much higher price and even save up some for remodeling and decorating your new home.
Will Remodeling Your Home Increase the Value?
Renovations you’re planning on conducting should also increase the value of your property. Sometimes the upgrades are just a waste of money, and you should always consult with a professional to see if the planned home improvements will add value to it.
For example, if you’re renovating a kitchen that occupies 15% of your square footage, you shouldn’t spend more than 15% of your home’s initial value on remodeling it.
Is Space an Issue?
If you’re currently living in a one- or two-bedroom house and you’re planning on having many kids in the future, remodeling may not be the best choice. Sooner or later, you will have to move.
Another option might be to increase the square footage of your house. Depending on where you live, that would most likely require a permit. Make sure to check regulations and restrictions if you decide it’s your best option.
How Is the Housing Market Right Now?
Unless you’re in a big hurry to make a change, it would be best to do thorough research on the housing market in your desired area. Sometimes it’s best to wait a year or two than to buy a new house while the prices are up.
When you’ve got answers to these questions, it might give you the answer on whether you should move or improve. If you’re still unsure, here are the pros and cons of each choice.
Making a Move or Relocating
Whether you’re moving to the next street or far away, making a move is quite the task, but it also has many benefits. If you’re leaning toward moving instead of doing work on your home, here are more considerations to factor in from movers in Plano, Tx.
- Change of location: You can be closer to an excellent school district or move away from a chaotic city to more peaceful suburbs.
- New beginnings: Change is always an adventure. You will get the opportunity to start fresh with your family, even if you moved just around the corner.
- Decluttering: During the moving process, you will need to declutter and get rid of unused items. It will open up space for new beginnings, and you can also earn a bit of money in a garage sale.
- Lower mortgage: This won’t always be the case, but if budget is the reason behind moving, downsizing can help to lower your mortgage.
- High costs: There are many costs to be considered, such as moving costs, down payment, application fees, your new home, real estate agent, etc.
- Lengthy timeline: Selling and buying a house is quite a slow process that can last for months. It includes selling your current home, shopping for a new one, putting offers in, moving, maybe even renovating, etc.
- Possibly moving away from friends and family: Even though change is an adventure, moving away from your loved ones is never easy. And sometimes, it’s not something we’re willing to do, either.
RELATED ARTICLE: When To Know It’s The Right Time To Move
Remodeling Your Home
While remodeling a home sounds like a fun, easy option, that is not always the case. More extensive remodels can quickly add up, and there’s a chance smaller projects won’t change your house’s value.
On the other hand, you can never replace the memories you’ve made in your current home. Here’s what to consider when deciding to remodel.
- Design exactly as you want: When remodeling, you have the freedom to personalize your home the way you want it to be. In the end, your home can look nothing like the previous version. It’s all up to what you want, your budget, and your needs.
- Keep the memories you’ve made: For some, this is a crucial one. The most precious thing about remodeling is probably the fact that all of your family memories are kept, and you get to enjoy them every day.
- Small projects typically cost less than moving: If you don’t need to do a complete makeover of your house, renovating will cost you way less than going through the whole process of moving.
- Increased home value: While this isn’t always the case, the chances are that the remodel will increase your home’s value. It’s best to consult with a real estate agent or other professional to ensure you don’t pour your money down to drain.
- Remodeling is not as cheap as you think: Depending on your planned project, remodeling can cost you way more than planned. On average, a small kitchen renovation costs $22k, and if you wanted to make an addition to a master suite, you would have to set aside around $130k. Adding a medium-sized bathroom would cost up to $50k.
- Financing can be hard to get: Remodeling usually requires a family or homeowner loan, contractor fee, and possibly a permit fee. To get the loan approved, you need to have some equity.
- Living through a remodel is not fun: Have you ever cursed your neighbors for doing renovations that were loud and lasted for weeks on end? Now imagine that in your home. It gets messy, chaotic, stressful, and noisy. You can always choose to stay in a hotel, but that would only add to your expenses.
- Renovating is a big job: If you’ve never done it before and you didn’t have experience with contractors, there will be much to learn. Since putting trust in a single professional isn’t typically the best decision, you should do proper research and gather some experience so you can make the best choice for your home.
Does a Remodel or Relocation Make Sense for You?
Cost can be a significant factor in any decision, especially when it comes to your home. It can be hard to get a gauge on all the costs for each option.
To help you when it comes to moving, here is what you can expect in moving costs.