There are many factors to consider when deciding to remodel or to move. Here are the top pros and cons to both:
REMODEL
Pros:
There is a lot of satisfaction in doing the work yourself. It can a fun project and very rewarding. If you are not the, do it yourself type it still can be rewarding in choosing your own design and watching the work come to together. You can do exactly what you want and what you want your home to become. Another pro is, if you love your neighborhood and really don’t want to leave, you can stay with a remodel. In addition, a remodel can be more affordable than moving, but of course, that will depend on your plan. Moving to a new home comes with moving costs, closing fees and in this current market home purchase is very competitive and prices are still rising.
Cons:
Remodeling comes with some inconveniences such as, let’s say you do a kitchen remodel, you will not have access to cooking and your sink for weeks or even months. Another example would be, some rooms may become a storage area during a remodel. Additionally, many projects tend to have unexpected repairs needed that were not foreseen during the planning and this can add unexpected costs.
MOVING
Pros:
Moving may be the way to go if you just can’t make your home the way you really want. Another pro is that it may make more financial sense to move than remodel, especially if you remodel plan will cost more than purchasing a home that fits your new needs. For example, if your remodel will cost $60,000 but will only increase your home value by $20,000 it may better to move.
Cons:
Many homeowners are very emotionally attached to their home for lots of reasons. Think this through, you may miss your home more than you think. In addition, you may pay more to move when you add moving costs, closing costs and more.
Make a plan of a remodel vs moving. Write out your own pros and cons, determine your scope of renovations, get quotes for your project and don’t forget to add in for some unexpected repairs.
Do the same with a move. Plan out a move, speak with a lender if a mortgage is needed, find out how much your ideal home will cost and factor in moving costs and closing costs.
It is a big decision that takes some thought and planning. Take your time and think it through. This decision is truly a math equation and you need to do the math.
If you need any help with deciding if you should stay or if you should go, let me know. I can help you through the numbers, market information and any professionals you may need to speak to. I can help you through the decision.
All the best, Lisa Joy