Should You Move or Remodel?

Should You Move or Remodel?

When deciding whether to remodel your home or move and start all over, there are many factors to consider – family needs, location, current housing market, interest rates, budget, etc. Every family’s situation is unique. Use this information to help you decide which choice is best for you and your family.

Should You Move?

  • You aren’t happy with the area/neighborhood

  • Your home is too large now and you don’t need the extra space (visitors, exercise area, office, etc.)

  • You can no longer afford to live in the home or the area and need to downsize

  • Your homeowner association has restrictions that prevent you from making the changes to your current home

  • You need to relocate for work or be closer to family (or other reasons)

Pros:

  1. Fresh Start: Whether it’s down the street or in a completely new neighborhood, you’ll have the opportunity to meet new people, take-in the new scenery, and add new decor to your new home.

  2. Family Focus: Fresh starts can often be tempered by fears of the unknown (don’t know the people, the places, the shortcuts, or the ins and outs of your new area, for example). But families often benefit during this adjustment by retreating into the comfort of known relationships, which may lead to new traditions.

  3. Financing: Home-buying gets easier as you get more familiar with the process.

  4. Income Taxes: Selling your home could equal more money in your pocket without added taxes (depending on your state laws). Your home could also qualify for tax credits (check with your real estate agent and tax filer).

Cons:

  1. Costly: Your wallet could take a hit with real estate agent costs and other fees.

  2. Unfamiliar: Relocating to a new neighborhood (or even city) can bring extra uncertainty which requires leaving a familiar comfort zone.

  3. Stress: Trying to pack all of your family’s belongings within a short timeframe can be very stressful and overwhelming at times.

  4. Distancing Relationships: Establishing strong rapport with your neighbors is sometimes a rare feat. Moving to a new neighborhood will challenge the strength of these relationships, especially if your kids have made friends in the area.

Should You Remodel?

  • You love your neighborhood

  • Your family is connected to the community

  • The cost of living is suitable

  • You don’t want to take on the stress of moving

  • You have room for an addition to provide the extra living space needed

  • Remodeling would be more cost effective than buying a new home and selling your current one (including commissions and closing/moving costs)

  • You would not benefit from selling your current home due to the state of the housing market

  • Remodeling would allow you to be comfortable after retirement

  • There is a chance that you would need to remodel a new home anyway

Pros:

  1. Personalize: Meet your personal expectations and desires (vs buying a new home with a few features you want but not all).

  2. Economical: Remodeling your home can be accomplished in multiple phases, which means your budget can be prioritized.

  3. Stability: Staying put keeps you and your family in familiar and comfortable surroundings (same neighbors, stores, and schools).

  4. Established:Knowing the unique characteristics of your home is extremely advantageous when compared to a new home where hidden quirks may not be evident. You know the age of the air conditioner, when the roof was last repaired, what to expect in utility bills, etc.

Cons:

  1. No Overhauls: It doesn’t make sense to spend thousands of dollars on every room when a new house can include all the updates.

  2. Financing: If you need a loan to remodel, getting approved can be challenging, especially if you haven’t lived in your home very long.

  3. Construction: Remodeling will put your home in disarray for a period of time, which can be stressful and would require patience (which not every homeowner has).

Conclusion

Deciding whether to remodel your home or move and start all over is no easy decision. It comes down to what the best choice is for you and your family’s particular situation. Is it time to take a leap into a new home, or plan some modifications to freshen up your current home? Either way, be sure to have your finances, paperwork, and appropriate professionals lined up before you proceed.

Thinking about remodeling? We would be happy to answer any questions you have. Request a free consultation today! (316) 685-1700

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