Should You Move or Remodel? What to Consider When You Can't Decide
7/30/2020The decision between moving and remodeling isn’t always clear, especially if you have an
emotional attachment to your home you’re otherwise happy with your neighborhood and school
district. If you’re running out of space, however, you may need to renovate one or more rooms
in the home or buy a new house completely. To help you decide between moving and
remodeling, start by asking yourself the questions in the sections below.
Is It a Good Time to Sell Your Home?
When deciding between moving and remodeling, the first thing you’ll need to consider is
whether it’s a good time to sell your existing home. Typically, this will depend on your financial
situation, the local housing market, and whether you’re willing and able to get your home ready
to sell. Before listing your house, you may need to make a few improvements and repairs, boost
curb appeal, and clean and declutter the home from top to bottom. If you don’t have enough
equity in your home, can’t sell your house for as much as you’d like, or you’re not up for the task
of getting your home ready to sell — remodeling could very well be a better choice for you.
Can Your Family Survive an Extensive Renovation?
Extensive home renovations can take several weeks or months to complete depending on the
rooms you wish to update and the types of upgrades you plan to make. As such, you’ll need to
make sure your household is prepared for the long-term commitment of renovating a home.
Adding a room, for instance, could take anywhere from six to 16 weeks to complete, whereas
kitchen renovations typically range between three and 12 weeks.
If you’re still up for remodeling your home, keep these tips from Better Homes and Gardens in
mind as you prepare for the renovation:
? Interview several contractors and get multiple bids before making a decision
? If you plan on remodeling the kitchen, renovate this room before anything else
? Plan for delays and additional expenses along the way
Would a Renovation Over Improve Your Home?
According to experts at Bankrate, spending too much money on extensive home additions,
upgrades, and renovations could result in over-improving — particularly if your main reason for
remodeling is to increase the selling price of your house. Unless you’re making higher return on
investment (ROI) upgrades and plan on staying in your newly renovated home for more than
five years, it’s probably best to hold off on remodeling. However, over-improving isn’t as much of
an issue if you’re remodeling your home for your family’s benefit and plan on staying in the
house for the long-term. Note that some improvements could actually lower your home’s value.
In most cases, the decision to move or remodel will depend on whether you’re hoping to boost
the selling price of your home, move within the next three to five years, or stay in your newly
remodeled home for the long-term. Other factors like your neighborhood, school district, and
yard size will also come into play, as these things can only be changed by moving into a new
house. If you’re struggling to pay your mortgage each month or you’re simply not happy living
where you are, this could be another reason to move instead of remodeling your current home.
If you’re going to move instead of remodel, however, an experienced real estate agent can help
you to sell your current house and find the next great home for you and your family. Buying and
selling a home can be a long, stressful process, but a real estate agent can help to take some of
the weight off your shoulders.
emotional attachment to your home you’re otherwise happy with your neighborhood and school
district. If you’re running out of space, however, you may need to renovate one or more rooms
in the home or buy a new house completely. To help you decide between moving and
remodeling, start by asking yourself the questions in the sections below.
Is It a Good Time to Sell Your Home?
When deciding between moving and remodeling, the first thing you’ll need to consider is
whether it’s a good time to sell your existing home. Typically, this will depend on your financial
situation, the local housing market, and whether you’re willing and able to get your home ready
to sell. Before listing your house, you may need to make a few improvements and repairs, boost
curb appeal, and clean and declutter the home from top to bottom. If you don’t have enough
equity in your home, can’t sell your house for as much as you’d like, or you’re not up for the task
of getting your home ready to sell — remodeling could very well be a better choice for you.
Can Your Family Survive an Extensive Renovation?
Extensive home renovations can take several weeks or months to complete depending on the
rooms you wish to update and the types of upgrades you plan to make. As such, you’ll need to
make sure your household is prepared for the long-term commitment of renovating a home.
Adding a room, for instance, could take anywhere from six to 16 weeks to complete, whereas
kitchen renovations typically range between three and 12 weeks.
If you’re still up for remodeling your home, keep these tips from Better Homes and Gardens in
mind as you prepare for the renovation:
? Interview several contractors and get multiple bids before making a decision
? If you plan on remodeling the kitchen, renovate this room before anything else
? Plan for delays and additional expenses along the way
Would a Renovation Over Improve Your Home?
According to experts at Bankrate, spending too much money on extensive home additions,
upgrades, and renovations could result in over-improving — particularly if your main reason for
remodeling is to increase the selling price of your house. Unless you’re making higher return on
investment (ROI) upgrades and plan on staying in your newly renovated home for more than
five years, it’s probably best to hold off on remodeling. However, over-improving isn’t as much of
an issue if you’re remodeling your home for your family’s benefit and plan on staying in the
house for the long-term. Note that some improvements could actually lower your home’s value.
In most cases, the decision to move or remodel will depend on whether you’re hoping to boost
the selling price of your home, move within the next three to five years, or stay in your newly
remodeled home for the long-term. Other factors like your neighborhood, school district, and
yard size will also come into play, as these things can only be changed by moving into a new
house. If you’re struggling to pay your mortgage each month or you’re simply not happy living
where you are, this could be another reason to move instead of remodeling your current home.
If you’re going to move instead of remodel, however, an experienced real estate agent can help
you to sell your current house and find the next great home for you and your family. Buying and
selling a home can be a long, stressful process, but a real estate agent can help to take some of
the weight off your shoulders.