Unfortunately, no matter how much you love your home, the time often comes where you have to choose between moving or remodeling. Perhaps your family has just outgrown your current home. Or your situation has changed so that you just need some upgrades. Whatever the reason, you’re not alone. Americans move an average of 11 times in their lifetime. But maybe moving isn’t the answer; perhaps it’s remodeling. Here are some factors to help you choose what’s right for you.
Factors to Consider
Emotional ties to the house
Sometimes the best reasons aren’t always practical. If you or your family has emotional ties to your current house that you are hesitant to cut, this is a factor worth some credence.Location
Consider your current house’s location. Is it in your ideal neighborhood or school district? Might be worth remodeling to preserve your location. Could a move put you closer to work or school or be in a location that’s more suited to your lifestyle? Consider location before you decide.Desired lifestyle
Speaking of lifestyle, think about what lifestyle options each option could afford you and your family. Which is more in line with your desired lifestyle?Budget
Knowing your budget can help you decide which option is better for your wallet. Do some research, find out how much you can sell your current home for and what a new home would cost. Then get some quotes on how much it would cost to remodel to your desired specifications.Remodel complication level
Another factor to consider is how involved the remodel will need to be to meet your needs. Is this a simple addition, a bathroom or kitchen renovation? If it’s going to be a major undertaking to remodel to fit your needs, you might be better off finding a new home.
10-year plan
Of course, you can’t predict the future, but if you intend to move out of your current home anytime in the next 10 years, it’s probably better to just move instead of investing time, money and energy into remodeling a house you’ll ultimately leave.
Pros and Cons
Part of the reason we build custom homes is that we recognize not one exact layout or format is right for every family. Along those same lines, we know that choosing to move or remodel is ultimately your decision and what’s right for you and your family. Each choice carries both advantages and disadvantages, so it’s up to you to choose which one resonates more.
Pros for Moving
Moving means you get to select a new location to call home, picking a building that is the perfect size for your current needs — whether that’s larger or smaller. You’ll also get to pick a new neighborhood and area to explore. Moving allows you to select what’s nearby, an option you don’t have with staying and remodeling your existing home.
Another perk of moving is that you don’t have to worry about ongoing construction in your home or scheduling contractors around your timeline. You’ll be able to purchase or build a home that’s move-in ready, free of the hassle of construction.
Cons Against Moving
That said, there’s no guarantee a new home will tick off all the boxes on your checklist. You might have to leave an area that you love. Moving can also be a pretty stressful event, as well as expensive. Purchasing a home isn’t always a cheaper option — no matter even if your mortgage is equal, you’ll still have to factor in real estate commissions, closing costs and moving expenses.
Pros for Remodeling
Remodeling allows you to create a plan for your home to meet your exact specifications, choosing how everything is created and finished. It will be designed exactly for your needs and wants.
You may also be able to use your home equity to pay for a renovation to help you keep costs low. A home equity loan uses your home as collateral and borrow against its value to pay for the remodel. This option is often less costly and a lot more simply than acquiring a new mortgage.
Remodeling also allows you to stay in a neighborhood you love, keeping your children in the same school district or maintaining a short commute if you have one. You won’t have to learn the quickest routes to the closest pharmacy or all the hassle that comes with changing addresses.
Cons Against Remodeling
Remodeling does carry its own set of cons, however. For one, it can be a huge pain to deal with a construction zone in your own home for a period of time. Staying with family or in a hotel is also not an ideal option for many.
Many, many remodels encounter surprise expenses, especially if it’s a larger-scale project or a remodel on an older home. You just never know what moving plumbing or switching electrical lines will uncover, so you’ll likely have expenses you won’t see coming during renovations. Plan for overages and unknowns.
Additionally, not all of the money spent on remodels can be recouped in your home’s value. There are several factors that go into determining value, of course, but this is definitely something to keep in mind when choosing a remodel.
Tips for Moving
If you choose to move, here are a few quick tips we recommend keeping in mind.
Research your local real estate market
Find an area you enjoy
Look for extra perks to mitigate the cons
Establish healthy habits in your new location
Tips for Remodeling
If you choose to remodel, here are some tips to keep in mind:
Maximize existing space
Utilize vertical space with shelving
Work closely with an experienced contractor or construction company
Be patient!
Whether you choose to move or remodel, Fortin has you covered. We can help you remodel your home to meet your needs or build a brand new home fully customized for you and your family. The choice is yours.