To Improve or Move by Charles Simmons

To Remodel or to Move? Here Are Some Important Factors to Consider  

So, the time has come for you to make some housing changes. Perhaps your family is outgrowing your current home, you’re realizing that you don’t like your neighborhood, or you simply don’t feel the same way about your home as you once did. These are just a few of the many reasons that motivate people to make big changes to their living situation. 

If you feel like it’s time for a change, it’s important to understand your options so you can make informed decisions. The question is: Should you look for a new home or make improvements to your current home? Below are some factors to consider as you make your decision.

Advantages of Moving 

The main benefit of moving is that you can literally move to a different location. This is an essential factor to consider if you are unhappy with your current location, be it the neighborhood, school district, or city/state altogether. When you move, you can search for a home in the exact area you’re interested in.

Also, moving means that you don’t have to deal with the construction process that comes with remodeling. Of course, you might have to get certain repairs done if you move into a new home, but it would likely be nothing like completely renovating your current home. 

Advantages of Remodeling

The biggest advantage of remodeling your home is that you don’t have to move out of a neighborhood or district you love. This is a major consideration if you and your family are happy where you are. Maybe you could change the layout of the home to meet your needs, such as adding walls to create another bedroom or building an extra bathroom. 

Plus, the relocation process can often be lengthy and difficult. Not only do you have to have to prepare your home to sell, but you also have to actually sell it. Then, you have to find a new home that meets your needs in an area that you like. 

Assessing Your Budget 

When determining whether to remodel your current home or purchase a new home, take a detailed look at your household budget. Can you afford the renovations you want, even if they end up being more expensive than you plan? Can you really afford to move to a bigger house, or will it put you in a precarious financial position? Research home prices in your area; for example, the average sale price in Richmond is $242,000.  

If you’re leaning toward remodeling, get estimates for the work needed to be done and leave a cushion for unexpected costs. For example, one of the most common home renovation projects is to refinish hardwood floors. Typically, this process costs an average of $1,550. Along with square-footage, the amount you end up paying will depend primarily on whether your floors need to be recoated or refinished, as refinishing requires more work. 

If you’re thinking that moving may be your best bet, be sure to research the housing market in the area you’re interested in. This will help you to get an idea of the sale prices of homes there, along with other factors you need to prepare for. 

Emotional Ties

While you don’t want an emotional attachment to your house and neighborhood to be the only factor that keeps you from moving, you don’t want to ignore it, either. If you and your family love your home, and if you can make the renovations to accommodate your needs, then remodeling might be the best path forward. This is one instance where listening to your heart might apply!

Moving and remodeling your current home have their advantages. What you have to do is consider both options, determine what features are missing from your current home, and figure out what your budget will allow. Then, check your emotions to see where you really want to be. Making changes like these is a step to take, so make sure you’re informed in your decisions.