Answer this. How many times have you come across this sentence, “your home is your biggest investment”? Probably, many times. Well, it is because it is the truth. People usually work hard to fulfill their life needs and live a comfortable lifestyle. For that, they invest their hard-earned money in different ways. And one of these investments is their home. After all, a home is the best place to relax your mind and soul after a long and tiring day.
You might have purchased or built a perfect home for yourself and your loved ones. But keep in mind, your ideal home can’t remain perfect throughout your life without regular maintenance. There may be some tiny or significant problem that is taking away the notion of perfection from your home.
For instance, there might be something missing from your current home that you can’t live without at any cost at the present moment. Or simply your taste changes and the definition of a perfect place changes over time. There’s a high possibility that your house isn’t fulfilling your family’s needs anymore.
Whatever the reason might be, it’s about high time you need to take charge and make the much-needed changes. But, for that, you must choose whether remodeling would work for you or do you need to move to a new place?
Many homeowners often find themselves in a state of confusion when making this critical decision. Therefore, you need to take several factors into consideration before reaching any conclusion. One way is to take away all the unnecessary items from your home. But are you ready to throw them away yet, or are you not sure?
In any case, renting a self storage unit can help you store your possessions securely. These self-storage units are easily accessible all week long and also offer climate-controlled features. A clutter-free home can make your moving and remodeling an easy and exciting experience.
Should you remodel or move?
So are you wondering what pointers you must consider while deciding on remodeling or moving options? In that case, you have just come to the right place. The below article can help you steer in the right direction and help you make the right decision:
Assess which step is most cost-effective
First things first – your finances matter. No matter which option you decide to go with, establishing a realistic budget is necessary. After all, you may require to spend a fortune whether you choose to renovate or move. Also, it is to note that some homeowners may find moving a cheaper option, while for others, remodeling is the perfect choice within their budget.
So get yourself a pen and notebook and start listing down what you want to change in your new home. That way, you will get a clearer picture of the projects you need to carry out and their estimated cost. In this manner, you can determine which option works best under your budget.
The remodeling costs may include permits, labor, purchase of materials, etc. At the same time, the different costs of moving include monthly mortgage and utility payments, property tax, minor repairs, moving company, etc. And, while you are factoring in the budget of both, don’t forget to add additional costs so you can remain prepared for unexpected circumstances.
Learn Real Estate market
Another important consideration is to be aware of the real estate market. Doing your research on the real estate market can make a significant difference in your decision to move or remodel. For example, you might consider selling your old house and start looking for a new home to buy instead of renovating. If such is the case, make sure to spend some time figuring out the ins and outs and specific neighborhood markets where you intend to live.
You can even get some help from a professional real estate agent. They can help you identify whether you need to make some significant changes before listing your house for a sale to increase the value of your current home. Remember, if you are taking help from a real estate agent to sell your existing home, you most likely have to pay them some fees, too. Thus, knowing the market value can give you an idea of whether moving makes sense or you should stick to remodeling.
Weigh your emotional attachment to the house
Do you love your current home because it holds so many memories? Such as you had a perfect holiday around a fireplace with your loved ones, or you celebrated life’s most significant achievement at your current place. Or maybe your existing home was the first most crucial investment you had made from your years-long savings.
There is also a high possibility that you cherish your home so much because it was a gift from your loved one. Thus, there are thousands of options that you might have, including emotional attachment to your current place. And, your emotions play a crucial role in helping you decide when it comes to moving or renovation.
So it’s better to sit down with all the people living in your house and determine what sort of attachment each one of you has with your home. If your emotional attachment is too strong, moving to a new and different place might not be a wise idea. However, while weighing your memories and sentiments, don’t forget to overlook any shortcomings or functionality of your current house.
Take into consideration your tolerance level
It is necessary to be aware of your tolerance level with both options. Your decision is important, but so is your mental health. You certainly don’t wish to affect your mental health by taking stress. Some people consider moving to a new place a more tiring process. Due to this, these people avoid moving to a new home as they don’t have time or energy to go through the moving process.
However, some people often consider remodeling as an arduous task. Renovation requires months of planning, various health hazards, looking for a professional contractor, and much more. For example, you might have to sleep in a guest room for some time because of the remodeling of the attached bathroom. Or maybe you have to live on take-outs because you have a construction process in your kitchen.
Do you have enough patience level to go through the renovation phase? If you can’t live in a construction zone, you might need to rethink the remodeling option.
What is your long term plan
No one can predict their future. Yet, planning for the long-term can clear out many confusions and help you in your decision. It would help if you determined how long you intend to live in your current place. For example, is your family growing, and does your household need more space to live a comfortable lifestyle? Maybe, you are getting married and plan to have kids in the future.
However, do you have to live in the current place because your office is nearby and you love to live in the existing community? In that case, consider remodeling your home. Picturing what the future would look like for you and your family in the coming years can help you significantly.
Location matters
The location of your current place will have to say a lot about whether you must move or remodel. Put it this way, moving to a new neighborhood or city may help you resolve your space or any other issues. But, sacrificing the location will also significantly affect your lifestyle. Therefore, answering a few questions about the place can simplify your decision-making process of remodeling versus moving.
For example, does your current location have a short and more accessible route to your workplace? Do you have other family members or friends in the same neighborhood? And, most importantly, does your current location have the best amenities? If the answer is yes, then it is good to stay where you live and consider remodeling.
On the contrary, if you don’t like the location or surroundings of your house, it gives you no other option than to move to a different town or neighborhood. After all, remodeling your current home can’t eradicate the problems you experience at the existing location.
Summing up
Let’s be honest, owning a home isn’t easy. You need to make sure that your home remains a safe place where you can unwind your stress and live comfortably. For this reason, you must evaluate your homes’ condition, your and your family’s needs. Chances are, the dream house you so loved might have turned into a nightmare for you to live in today. That is why it’s time to plan in advance.
No wonder there will come a time when you need to make some practical decisions that are best for you and the people living with you. And, the truth is, there is no right or wrong answer when it comes to whether to go with remodeling or moving. It all boils down to your needs and preferences at the end of the day. Whatever you choose, make sure to take your time before coming to any conclusion, as both options require considerable budgeting, time, and energy.
