When it comes to deciding whether to remodel or move, there are a number of factors to consider. For many homeowners, the decision to remodel or move is based on several common reasons such as growing family, safety concerns, isolation or feeling embarrassed to entertain.
Pros and Cons of Moving:
- New neighborhood: You may not be familiar with your new neighbors or the surrounding area, which can lead to uncertainty and stress.
- Remodeling: Your new home may require some remodeling to make it feel like your own.
- Moving is not pleasant: Moving can be a stressful and time-consuming process, particularly if you have a lot of belongings.
- Real estate transaction costs: The cost of buying a new home can be expensive, with typical transaction costs ranging from approximately 10% of your home’s value.
- Get the house that works best for your family: A new home may be more suitable for your growing family, with more space or a better layout.
- Avoid living through a large remodeling project: By moving, you can skip the stress and disruption of a major home renovation project.
Pros and Cons of Remodeling:
- Living through a remodel is not pleasant: A remodeling project can be a messy and chaotic process, particularly if you are living in the home while the work is being done.
- Need for temporary housing: Depending on the extent of the remodel, you may need to temporarily move out of your home during the project.
- Uncertainty about the final result: Designing your new remodel and product selections can be a challenge, and it can be hard to know if the final result will look as you hope.
- Hiring the wrong contractor: If you hire the wrong contractor, the project can go over budget, take longer than expected, and/or can
- result in a subpar final product.
- Stay in the home and neighborhood you love: By remodeling, you can remain in your home and the community that you have created cherished memories in.
- Use the real estate transaction costs towards your remodel: Instead of spending money on buying a new home, you can use the funds towards a renovation project that will improve your current home.
In conclusion, deciding whether to remodel or move depends on a number of individual factors. It is important to carefully weigh the pros and cons of both options to determine which is best for your particular situation. If you are uncertain or need help making a decision, it is always a good idea to consult with a professional home remodeling contractor and realtor for advice.