Should you move or remodel
Should You Move Or Remodel?
You’ve spent years making a house your home, but now you’re looking for a new canvas to work with. That doesn’t necessarily mean packing up and putting your humble abode on the market. You have options to consider — move or remodel?
We’ve highlighted some factors to consider that’ll help you make a well-thought out decision whether to renovate your current space or buy a new home.
What’s Your Reason for Moving or Remodeling?
First, determine why you’re making a change. Maybe you’ve ran out of room after welcoming a new child or aging parent into the space. Or perhaps you've launched a business that requires a more expansive spread than an office nook. Whatever the reason, depending on your resources and level of attachment to your current home, your decision is probably predominantly a matter of price.
On the other hand, your desire for change might be motivated by shifting tastes or a craving for freshness. Remodeling may be the preferred approach, assuming the changes you envision would involve less money, time and effort compared to moving into that "perfect place."
There is, however, also something to be said for reevaluating and renovating the home in which you now reside. With creativity, imagination, planning and some effort, transforming your current space might be the perfect solution. Here are some reasons a remodel may be what you’re looking for:
- Get what you want. Choosing to remodel your home means you know what you’re working with, so your expectations are clearer. You can design a renovation plan that meets your wants and needs. Unless you’re building a new home, buying a home doesn’t quite give you that customizable control.
- Having trouble seeing your abode with new eyes? Try visiting a home similar in size and layout to yours currently on the market. Take an in-depth look at how someone you don’t know utilizes a space not all that different from your own. Think about how you could modify and integrate what you like into your renovation plan — and make mental notes of what you don’t love to make sure you don’t repeat it.
- Use your home equity. Do you have a lot of home equity? You may be able to borrow against it instead of taking out a new home mortgage. Going this route means you can use your home as collateral to pay for the remodel.
- Stay where you love. Don’t want to give up the location you’re in? Maybe you have amazing neighbors in a beautiful neighborhood, a quick walk to the school, close proximity to restaurants and the grocery store. If the idea of saying goodbye to these perks is too much to bear — don’t move! Remodeling can give you the best of both worlds.
- It's hard to not let feelings get involved in such a big decision — and that's okay. You wouldn’t want to make a decision between whether to remodel or buy a new home based on emotion alone.
- Here's how to decide if it's better to renovate or move on.
- Should you stay or should you go? Keep these pointers in mind when determining if there’s more value in fixing up your existing home or moving on.
First, estimate your costs to buy a new home. Add up the selling and agent costs (packing, moving and loan financing). Don't forget hidden items. For example, the buyer may ask you to replace the carpet before you sell. Or what if you have to replace appliances? Make your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then estimate what you may get for your house and how much cash you will have for a down payment.
If you like your neighbors and your school district, consider remodeling. You can get exactly the home you want, and you won't risk any buyer's remorse. Estimate the cost of making the crucial renovations needed for you to stay. Decide what you would like to do and go price-shopping at a home improvement store. Call contractors and get estimates. This is especially important if you need to add on extra square footage.
Compare what it would cost to move and what it would cost to remodel. Add in X-factors such as friends, schools and neighbors. When all is said and done, you may find you get more equity by staying in your home and remodeling.



