Unsure of whether you should sell your current home or remodel it to fit your needs? This is a common question we hear and by the end of this article you will be better able to determine which is going to be right for you and your family!
Pros and Cons of Moving
First, let’s talk about moving and the advantages and disadvantages that are associated with it. One of the major advantages of moving is the fact that you get to pick the location of your new home. This is beneficial in more ways than one. Not only can you move to an area that you really like, but you can also pick what neighborhood you want to live in and what schools you want nearby. You can also move into a home that is turnkey ready, avoiding the hassle and upfront cost remodeling your current home.
However, there are some disadvantages to moving. The first is that, unless you are able to find a house that suits your needs and tastes perfectly, you will have to make some compromises. Often the cost to buy both a new house and remodel it to your liking is unfeasible. Furthermore, although you may find an area you really enjoy when moving, it may also mean leaving an area that you have grown to love and abandoning the roots you planted in your current neighborhood.
In addition to being inconvenient, moving can also be time consuming, stressful and expensive. Dealing with move-in and move-out dates and trying to find a house that suits you within a short time frame can be very stressful. Another factor to consider are the additional expenses you have to deal with when moving, including realtor and moving fees.
Pros and Cons of Remodeling
The other option to consider, if moving does not sound appealing to you, is to remodel your current home. One of the biggest advantages of remodeling is that you are able to plan and customize the renovation to your exact specifications. Another advantage to renovating is you don’t have to leave behind your current local community.
Many homeowners don’t feel like remodeling is a possibility for them due to the cost. However, with options such as home equity lines of credit, it can be possible. Remodeling also allows you to avoid the expensive real estate agent fees that come along with buying and selling houses.
However, there are also downsides that go along with remodeling. Surprise expenses are definitely a concern when remodeling, whereas in home buying the price is listed up front. Another downside of remodeling is that it can be inconvenient living in the space you are remodeling.
There are many things to consider when determining whether to move or remodel. In the end there are many determining factors and you have to decide which to prioritize based on your needs and wants. Sometimes getting clarity on what things will cost is necessary to make an accurate decision.
If you need a quote on a remodeling project so you can better determine if you should build or buy, fill out the contact form!