Every day, homeowners face the dilemma of outgrowing their homes. Whether it is due to the need for additional space for a growing family or the need for different functionality to age in place, your needs and wants change over time, and your home should change with them. The extremely complicated decision boils down to two options: renovate or relocate.
In this article, we'll explore the factors you need to consider when deciding whether to move to a new house or renovate your current home. From budget considerations to potential return on investment, we'll examine the pros and cons of each option. With the help of industry professionals, you'll gain valuable insights that will enable you to make the right decision for your unique circumstances. Before embarking on a major home makeover, read on to ensure you're on the right path.
When homeowners initially consider a major remodel project, they often start dreaming up how to make drastic home improvements to improve their lifestyle. The next thing homeowners consider is the significant financial investment involved. Which brings us to the question — what’s a better return on investment?
The choice that is considered the “better” option varies from person to person. Is the value of your renovated home greater than or less than the value of a new home? It’s essential to consider how long you plan to live in either location, as this can significantly impact the expense over time. While the financial commitment of a remodel and the associated renovation costs are important considerations, it’s not the only value you should be considering.
Consider various factors that are important to you, such as having a strong connection to your neighborhood, being conveniently located near your children's school, or being close to family. Do you value the potential resale value of your home more than the prospect of enjoying an enhanced quality of life by staying there for an extended period?
If you have a strong emotional attachment to your current home—whether it’s the neighbors you love, the view you cherish, or the community you’ve built—those emotional ties are a powerful reason to stay and renovate rather than move. It’s easier to improve the things you can control, like your home, rather than moving and facing unforeseeable circumstances like nosy neighbors or pesky HOA boards in a new neighborhood.
Remodeling your current home offers several advantages. For one, you can work in a space that you already own. Additionally, considering the current state of the real estate market and mortgage rates is important. The availability of new homes for sale may be limited, and the prices could exceed your budget. Finding a flawless house that won’t need home repairs or improvements to meet your standards is highly improbable. Moving to a new home can be a hassle and time-consuming. New neighbors, new school districts, new everything. All that being said, you might still have some compelling reasons to move.
We recommend starting your decision-making process by asking yourself to rate how you feel about your current home. Do you love your current location — or do you wish you’d never moved there? It’s also important to keep in mind the home equity you may have built up in your home if you’ve been there for a while.
See the project gallery for this master bathroom remodel completed by Better Builders.
While we can compile a long list of arguments for staying in your home and remodeling, there are also compelling reasons to relocate.
Sometimes, the work required to make your current house suit your existing and future needs won’t be cost-effective. Maybe you never intended this house to be your forever home. For whatever reason, you ended up staying longer than planned; having outgrown your home may be the sign you need to move on and up!
Moving may offer several benefits, including:
The potential for improved access to a higher-quality school district.
The opportunity to declutter as you go through the moving process.
A fresh start, allowing you to meet new people and experience a change of scenery.
You have discovered the ideal home that fulfills both your current and future needs.
If the gap between the home you started with and the home you need now is greater than the investment of a renovation project to meet those needs, it is likely in your best interest to move. Maybe you have new neighbors who are … less than ideal. Whatever the reason may be, only you can decide what the best decision is for you and your family. In the right housing market, with the right real estate agent partner, finding your dream home could be the better option.
After careful consideration, you’ve decided to make your current home somewhere you plan to stay for years to come with a home renovation. Start by making a list of all the things you’d like to see change in your house. Then, rewrite that list in order of priority. Would you like to complete a kitchen remodel, open up your living room to the kitchen, add more square footage, or revamp the entire floor plan? Having a clear plan will help you—and the design-build contractor you choose—stay focused and keep your remodel on budget.
Are you planning to stay only temporarily? Concentrate on a handful of minor undertakings that will enhance the attractiveness of your property. Instead of a complete renovation, think about making small updates.
If you plan to stay for an extended period, consider focusing on home remodeling projects that will enhance your living areas for years to come. It's important to anticipate potential changes in your lifestyle and physical abilities. Consider renovating your home to age-in-place. Position yourself to design something that enhances your overall quality of life and evolves with you over time.
When homeowners are questioned about the value of their residence, they often consider the potential resale value. However, there are additional elements that contribute to its worth, taking into account the homeowner's personal values and experiences. Factors such as the neighborhood, schools, views, and more should play a role in this decision-making process. The amount you invest is determined after you decide to stay in your current home.
If you've decided a home renovation is the way you may go, download this eBook that will help you plan the perfect project for your needs, "The Homeowner’s Guide to Planning a Remarkable Renovation."