Deciding whether to remodel your home or to relocate can be a tough decision for you and your family. No choice is inherently right or wrong but there are some pros and cons to both. Below I’ve compiled some pointers on how to determine if renovating or relocating is the right choice for you.
Outgrown Your Home? You Might want to Relocate
As time goes on, your family’s needs may change. The starter three-bedroom home probably seemed perfect at first, but 10 years and four kids later it might feel like you’re living in a shoebox. If possible, you could consider adding onto your home. Do your research and plan ahead to determine if your property size or layout will be conducive to this option. You also must consider if investing equity into your existing home will be worth it in the long run. Will adding an additional bedroom or bathroom make your house feel roomy or functional in the long term? If the answer is no, relocating to a new home with more space that will let you and your family continue to grow is the way to go.
Cosmetic Upgrades Only? Renovate!
Are you happy with the size of your home, but not happy with your outdated kitchen or bathroom? Have stained carpets and walls? Craving an open floor plan? These are all things you can easily fix without having to invest a large amount of money or purchase an entirely new home. With minor upgrades, most spaces can be completely transformed. Painting cabinets, replacing counter tops and adding a fresh coat of paint instantly transforms a space without costing a fortune. If an open floor plan is what you’re after, meet with a contractor to explore knocking down existing walls to create that open space you desire. Don’t forget, if you ever decide to move in the future, smart renovations will add value to your home!
Costs of Renovating v Relocating
Deciding between renovating your home or relocating can be daunting. Your first step should be to take an inventory of your current home and decide what needs to change to make you happy. Most homes don’t need tens of thousands of dollars in renovations. A couple thousand dollars can go a long way if you spend it wisely.
If renovating your home won’t fix the underlying problems, relocating is be your best option. When you start looking at new houses, be smart and make sure you’re maximizing your budget. Be sure to create a wish list of must haves to be sure that your new property is checking all the boxes that your old home didn’t.
Renovating or relocating may seem like a tough choice, but when it comes down to it both options have positive outcomes. Take the time to think it through and figure out exactly what is right for you and your family.