There comes a time when many homeowners ponder: Is it time to move or should I just remodel? The answer is one part emotion and the other part logic.
Emotional Considerations: Should I Stay or Should I Go?
We tend to grow attached to a home, especially if we’ve lived in it for a long time. This is where memories have been built, maybe where kids have grown up. A home can make us feel, well, at home. It can give us a feeling of comfort, like a favorite pair of old jeans.
Then there’s the “I’ve had enough” feeling. Maybe those old jeans have way too many holes now. Could be that you’re feeling restless and the thought of starting over in a new home, one that fits your current tastes better, sounds. Or maybe you just want to downsize.
Neighbors often tip the scale in the decision on whether or not to move. You know that friend of yours down the street who jogs or walks with you every day? Those moments would likely end if you move to a different neighborhood. On the other hand, you may not miss those neighbors whose dogs bark all the time or who play their music with the volume turned all the way up.
Another thing to consider is whether you can handle living in a house that’s in the throes of a remodel. A kitchen remodel can take up to six months depending on how extensive it is. Any kind of renovation that addresses inner workings like plumbing and wiring can take even longer. If you’re not the patient kind, you might be better off moving.
Practically Speaking: What’s the Bottom Line?
Most of the practical considerations tend to focus around costs, such as:
- Can you afford a remodel? You’ll need to assess how much a remodel would realistically cost and decide whether you have the budget up front.
- Will you be able to get back what you put into a remodel when you do sell? A remodel doesn’t automatically improve the resale value of the home, although it might make it easier to sell.
- Would a remodel make your home too good for the neighborhood? Your remodeled home may be awesome, but if you’re in a low-value neighborhood your home will be worth less, regardless of a re-do.
- Would buying a new home cost more than a remodel? It could be, if your remodel isn’t too extensive, you’d actually be better of staying where you are.
Move or Remodel?
If you’re considering whether to remodel or to buy a new home, you have a lot of things to think about. By delving deeper into both the emotional and practical considerations, you can make the right decision.