When you’ve called your house home for a long time but have start to outgrow it – it can be hard to say goodbye. You ask yourself, should we put it up for sale and upgrade with a new build home? Or do we start a home improvement project and remodel it to meet our needs? To move or to improve – that is the question. To make this decision you will have to think about how attached you are to your home, what your budget is and if your home is a real fixer upper – would it even be worth the investment. We know how big of a decision this can be to make. That’s why we encourage you take all of these considerations into account before making a final decision.
Do you need more room or more rooms?
A common motivating factor for wanting to move is needing more space. If your family has grown and your home needs to accommodate more members, you can get away with just a smarter layout. By renovating your home to add another room, but not necessarily more square footage you can avoid moving entirely. Talk with a custom carpentry company or designer and see if this is an option for your home. If you can’t find a spot for another room, it might be best to sell and buy new.
Also, before committing to moving or improving, see if you can declutter and uncover valuable unused space in your home. If lack of space is your main issue, sometimes clearing out the unnecessary junk and organizing your home can buy you more time where you are.
Do you have the time for a renovation?
When weighing the pros and cons of each option, remember the time and inconvenience factors that come with each. In both scenarios you will have to uproot your family and life for at least a short amount of time. A home improvement project can be long, arduous process that demands patience and flexibility. On the other hand, if the thought of packing up and leaving the comfort of your current home seems overwhelms you, the discomforts of a renovation might be preferable.
What will be your ROI?
Before deciding whether to remodel or sell, factor in the potential ROI you could see on either option. A lot of home improvements don’t pay for themselves in the form of a higher sale price. When it comes to moving, you need to consider if you would be in the new home long enough to offset the moving costs and a new mortgage.
Figuring out which option will be more beneficial to financially depends on many factors. Your ROI on renovating or moving will depend upon your home, your budget and your needs. In cities where homes are less expensive, it is often cheaper to buy than to build. In cities and neighborhoods that are in high demand, it may be cheaper to build an addition or renovate outdated spaces.
Location, location, location.
When it comes to evaluating the worth of your home – don’t forget it’s sentimental value. If you live close to friends and great neighbours, moving can be hard on everyone. Also, consider the schools close to your home or the convenience of your commute. If your current home is lacking in any or all of these areas – a move might be ideal.
Also, consider your location before investing in a big home improvement project. If you put a lot of money into your home but it’s not in a highly-desired neighbourhood, you could have trouble selling in the future.
If you find yourself at a crossroads and are trying to decide whether to move or improve – weigh out all of these factors. There is no one size fits all answer to this question. Whether you buy new or start a home improvement project, all of us at Homestead are here to help.