Renovating Vs. Moving - What Is The Best Option For You?

If you are a homeowner looking to change up your current living situation, you may be debating whether you should renovate your current home or move to a new home. There are a few key factors that homeowners should consider before making a decision.

1. Cost.

Arguably the most important aspect when considering a renovation or a move is cost. Everyone's situation is unique, but finding the cheaper option often depends on your current mortgage situation, your savings, the extent of the renovation, and the price difference between your current home and a new home. Renovations often come with large up-front costs, while moving may come with more costs down the road. Unexpected costs often arise when renovating. However, between real estate commissions, land transfer tax, legal fees, and movers, the costs associated with moving does add up.

2. What do you want?

Determine what you want to change about your current home and assess if your current home will best suit your lifestyle for years to come. Will a renovation fix all of the concerns you have about your current home? Homeowners should also consider the location of their home - are you happy with your current location? As for moving, see if there are any turnkey homes available that suit your wants and needs, that also fit within your budget. Oftentimes, it is difficult to come by a perfect home that requires little to no changes.

3. Advantages and disadvantages.

Some advantages of renovating include: Customizing your space exactly as you like it, avoiding the stress of selling your home and moving, and being able to stay in your familiar neighborhood. Disadvantages include: living through weeks or months of construction, finding alternate living accommodations, surprise expenses, and the stress of coordinating with contractors and tradespeople.

As for moving, the advantages include: the possibility of purchasing a 100% turnkey home, can purchase in a more ideal location, and not having to deal with contractors or subpar living conditions. The disadvantages are: you may not find a home that is exactly what you want, enduring the stressful and time-consuming moving process, and possibly leaving an area you love.

4. The real estate market.

With the advice of an expert Realtor, you can determine if the conditions of your local real estate market will help you get the most out of your move. Depending on how long ago you purchased your home and what the value appreciation trends are like in your area, moving may be financially advantageous.

To help guide you to the right decision, reach out to me for a professional opinion. I can help you decide if moving is the right option based on your individual situation, and if not, I can recommend the best renovations that will increase your home's value over time.