Deciding to move or renovate is a decision many homeowners face. As families and lifestyles grow and change, choosing whether to adjust your existing space to fit your lifestyle or move into a new house that already accommodates your needs can be complicated. If you’re faced with this decision, read on to determine best if you should renovate or buy a new home.
Initial Questions to Consider
Whether you remodel or move, it requires a substantial amount of work. Remodeling will disrupt your life and your home for a significant amount of time. Alternatively, moving comes with the stress of listing your current house and searching for a new place in a competitive market. Below are some questions to ask yourself as you face this decision.
- Do you love your existing home but need to make adjustments?
- Do you love your neighborhood and surrounding area?
- Are you mentally prepared to undergo a significant renovation and manage all the corresponding steps?
- Are you ready for an entirely fresh start?
- Will your renovations price you out of your existing home and neighborhood?
Once you know the answers to these questions, you can make the best decision for your unique scenario.
Pros of Remodeling
Moving into a new home may mean a new neighborhood, new school district and new neighbors. You also get to maintain the emotional ties of your existing home. Below are some of the top pros of remodeling.
- You can customize your existing home. Since you’ve had the advantage of living in your house, you already know what you want to change and what you want to keep. This allows you to customize it to your personal preferences and control the design process, including functionality, finishes, colors and more.
- You can stay in an area you love. If you love your current neighborhood, location, school district and neighbors, you may want to remodel. This gives you the benefit of keeping all the intangible elements you can’t change while maximizing your living space to accommodate your lifestyle better.
- You don’t have to deal with low inventory. In a low-inventory market, house hunting can be a discouraging and lengthy experience. Remodeling your existing home will save you from the stress of this experience.
Pros of Moving
Moving into a new home can be a fresh start, and if you find a home with the space you need, it can save you from any construction-related headaches. Below are some of the top pros of moving.
- You don’t have to live through construction. When you remodel, you may need to move out entirely or not have full use of your home for months on end. Constitution also comes with extensive dust, contractors coming in and out of your home and preparing meals in non-conventional places, such as using a hot plate in the basement.
- The benefits may include factors a remodel won’t fix. Moving may be the best choice if you need more land, a better backyard, a better school district, or closer proximity to places that are important to you.
- You can buy a turn-key home. If making countless decisions and potentially living in chaos makes you feel panicky, purchasing a new house ready to move into means all you need to do is schedule the movers, unpack and settle into your house.