Many people ask us, “Should we remodel our home or should we move?”
Our answer is always, “Well, that depends.” There is no doubt that home remodeling is a larger out-of-pocket expense than buying an existing home that doesn’t need remodeling or even building new. Either way, it’s an excellent question and the answer depends on a multitude of factors.
We’ve included a few questions below to help guide your decision-making process!
1. How long do you plan to stay in your home?
If you plan to move within two years, you will recoup less of your remodeling investment. HERE is a valuable resource for the return on investment for home remodeling projects.
2. What are you trying to achieve?
What kind of aesthetic + functional results are you exploring when remodeling your current home? There are some limiting factors for remodeling projects—including lot dimensions and your home’s structural “bones”.
If one of the elements is the foundation, heating, plumbing, and electrical system, then these are more challenging to overcome- no matter how creative and professional your contractor is.
3. How much do you love your home?
We believe that homeowners with a strong attachment to their current homes should factor that element into the decision-making process.
As you know, your home is the keeper of so many emotional and sentimental memories.
4. How much do you value your lot?
Often times our clients’ motivation to NOT relocate is as much about their lot and property, as it is about their house.
You may not be able to replicate a corner lot with an ancient shade tree in the backyard even if you find a house with your dream kitchen. If you love the lot and property, it’s worth the expense of your home remodel.
5. How much do you love your neighborhood?
A desire to remain in a certain neighborhood is also a frequent motivating factor for remodeling. There is significant value in having neighbors you enjoy or even just know. You may also value the neighborhood’s amenities or its proximity to schools and stores.
6. What is your remodeling budget?
Be sure to run some numbers: if the amount you’re planning to spend is less than the cost of moving, then choosing to remodel rather than move is a no-brainer.
Even with a modest remodeling budget, you can begin to update and make your home more current and comfortable.
7. Where does your home’s value fall in your neighborhood?
If you own the most expensive home in the neighborhood, the return on your remodeling investment will be lower.
However, if you plan to stay in your home for an extended period of time, your decision may be more about maximizing enjoyment than finances.
8. How likely are you to find a home that you wouldn’t remodel?
It is not uncommon for us to have a client decide to move and then call us a year later for a remodeling project on the new home. Because homes are so personal, it is very difficult to find one that is just right. If you’ve already invested in a larger mortgage, it may be more difficult to afford a remodel.
9. How much do kids factor into your decision?
The quality of nearby schools is a major consideration for most families with school-age kids and may even be the reason you bought in your current neighborhood. Disrupting the children’s school and social lives may be another key consideration. Even if you have not made close friends on your block, the kids usually have made connections in the neighborhood and at school.
Deciding whether to move or remodel is a layered decision because it involves so many considerations outside of just the wood, wiring, and windows that make up the structure that houses your life.
Remember that both remodeling and moving can be fresh and exciting or stressful and overwhelming. Taking the time + space upfront to evaluate all of the factors will help you weather the experience.
We would love to discuss your options for remodeling your home. Give us a call or click below & we can set up a free consultation!
