Truth be told, only you can answer the question of whether you should renovate your home or move to a new one. However, we are here to offer you some thinking points and guidelines to help you find the answer you need. Sometimes it helps to rethink the matter at hand from a different perspective. A majority of people consider moving to be one of the most stressful things in life. Yet, one of the most common reasons for moving is upgrading to a better home. Let’s dive in a little deeper and see what makes the most sense for you.
Consider your current and future needs
Start by going back to what motivated you to open up the dilemma called ‘should you renovate your home or move’. Something prompted the desire for change, and you need to be sure about what you want before going forward. What and why would you like to upgrade? Have you owned your house for too long, and how much longer do you see yourself staying in that property?
Everyone needs a change in surroundings every now and then, and you might be feeling the urge for something different. Perhaps you need a more significant change than a remodel can offer. The average American will move 11.7 times during their life, so this is not something you should be scared of. Try to get to the root of what and why you want to change.
On the other hand, maybe something is bothering you about the home you are currently living in. Try to pinpoint what it is since that can cause you to favor either renovating or moving. If your problem is something you can fix, like a squeaky door, then renovation could be the answer. But if your problem is something external, like a noisy neighborhood – you should consider moving to a new home.
What is your budget?
Simply put, renovation always costs money. If you can’t afford it, then a major house remodel is out of the question. Not everything you do around the house needs to be expensive. You can pick up a few buckets of paint and liven up the walls. However, more extensive renovations can cost tens of thousands of dollars. When people with that kind of money start thinking about their options, upgrading to a larger home begins to sound appealing.
Of course, buying a new home can be expensive too. But if you manage to sell your old home for a good price, moving can give you a net benefit. There are additional costs to both renovating and moving, so we advise that you run the numbers before you make any decisions.
The location of your home matters
Location is one of the most important factors that determine whether you should renovate your home or move. Renovation can’t change the location of your home, while moving to a new property often comes with a new neighborhood. How much do you like your current location, and how close is it to things that are important to you? During the pandemic, many people started working from home. This has allowed them to move closer to their family and friends, regardless of their jobs. If you have kids, will the relocation bring them closer to their school? Carefully weigh the pros of your current location with what you would gain from moving somewhere else.
Do you need more rooms?
Try to figure out if your family will be expanding and if you’ll need more rooms in your house. Thankfully, this can be addressed by both a renovation and a move. You will need to obtain permits for structural renovations and adding rooms, but this can be done even though it is a hassle. Just make sure that any work you do is permitted by law. You don’t want to end up selling a house with unpermitted renovations. The need for more space is one of the most common reasons people end up moving to a new home. It’s normal to want something bigger and better. Just figure out the best way of getting it.
Return on investment for renovation
When trying to weigh all the options and decide whether you should renovate your home or move, there is one essential thing you need to be aware of. You will sell your home at one point in the future. Nearly no one lives in the same house their entire lives. Therefore, we recommend you start thinking about the issue in a different way:
- should you sell your home and move out right now
- or renovate now and move later
Keeping that in mind, every renovation you plan to do needs a good return on investment. If you are smart and renovate to fit the current trends, you could earn your money back when you sell your home in the future. Some people even turn that into a business. They fix old properties and then sell them for a profit. If you are planning to do a fix-and-flip, here are some things to pay attention to.
Where will you live while renovating
Any major renovation will turn your home into a construction site for a long time. Living on the property while work is being done will not be easy to manage. Not to mention that some contractors will charge you more if you’re in the home while they are working. The cheapest option would be staying with relatives or friends, while the more expensive alternative is renting a home. Moving your items with you means that you’ll have access to your things, and they also won’t be in the way of the workers. Renovations will be done faster in an empty home, and you won’t risk your furniture getting damaged.
The bottom line
We hope we have given you some food for thought and sparked some ideas. Carefully consider all of the points we have brought up, and you’ll be able to come to an answer to whether you should renovate your home or move. There is no universal answer, so do your best to accurately evaluate your current situation and future needs. And if you need to move your items to your new home, Verified Movers are here to help you find the right moving team. Remember, hiring reliable movers can make even long-distance relocations stress-free. We are sure you will be able to make the best decision.
Meta description: If you are wondering whether you should renovate your home or move to a new one, we can offer some important guidelines for you to think about.