Tips for Deciding Whether to Remodel Your Home or Move

There are many reasons a homeowner may decide their current home no longer meets their family’s needs. You may be expecting a new baby or need to add a home office. You may want to build an addition where your elderly parents can live. Whatever your reason, when your need for a change becomes evident, you’ll need to decide if it’s better to remodel or move to a new home.

Before You Decide to Remodel

When deciding whether to move or remodel your home, many factors should be considered. Some of those may not be related to the house’s appearance. For example, if your child attends a private school (as do over 5 million PK-12 students at over 34,000 private schools in the U.S.), you may not find a suitable home within driving distance of their school.

Many renovation projects are small and can be completed quickly. For example, updating a shower stall to include safety bars and a shower seat could be a simple project. In contrast, building an additional level for your home or constructing an adjoining apartment is a more extensive project.

How Much Construction Will be Needed?

The key deciding factor regarding remodeling your home will likely involve how much construction work will be needed. A trip to a home improvement store may help you calculate the costs of lumber, paint, and other materials. If you’re not a construction expert, you’ll also need to estimate the cost of paying a contractor.

Asking someone else to complete your remodeling project may be upsetting. In addition to paying the construction company’s fee, you may feel the desire to do the work yourself. However, many design build firms can supply a skilled team that can thoroughly carry out all aspects of your home project. You may then consider their fee an investment in your mental health.

Before You Decide to Move

Moving to a new home could be the right decision. The U.S. census reported 31 million people decided to move in 2019. If you believe your home is no longer the right place for your family, research the home prices in your area. After considering your family’s requirements for bedrooms, bathrooms, and other features, you can look at possible new homes in your price range.

In addition to the appearance of a home, the neighborhood of a prospective house is an important consideration. In addition to being near your child’s school – as mentioned above- you should observe other features of your prospective neighborhood before you buy a home. For example, consider its distance from your job or other places that matter to you and your family.

Other Factors to Consider

List your family’s current needs and estimate the costs of supplying them. Compare the price of remodeling your home to provide your needs – versus the costs of buying a new home. Keep in mind that if you decide to remodel your home, renovation is likely to increase the resale value of your home when you eventually sell your remodeled home. Some renovation costs may also be tax-deductible.

Another factor included in both choices is time. Whether your home is remodeled, or if you must pack your belongings for a move, your choice will result in an investment in time. If you hire a construction crew for remodeling, ask them to estimate the project’s duration. Finding the right new home can take time, and moving your belongings will take additional time and effort.

Deciding whether to remodel your home or to buy a new one can take time and effort. You’ll need to consider all the costs potentially involved in remodeling. You can also review a potential home’s many benefits or possible problems. Once you’ve compared all the facts, trust your feelings, and make your best choice.