Unsure about whether you should sell your current home or remodel it to fit your needs? This is one of the most common questions we receive, so by the end of this article, you will be better able to determine which is the right decision 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 of remodeling your current home.
However, there are also 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 inevitably have to make some compromises. In most cases, the cost to both buy 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 leaving behind the roots you planted in your current neighborhood.
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 highly taxing, even to the most level-headed people. Another factor to consider is the additional expenses you will have to deal with when moving, including realtor and moving fees.
Pros and Cons of Remodeling
If moving does not sound appealing to you, the other option is to remodel your current home. One of the greatest advantages of remodeling is that you are able to plan and customize the entire renovation process to your exact specifications. Another big advantage to renovating is that you don’t have to leave behind your current local community, allowing you to maintain your current lifestyle far more easily.
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 with buying and selling houses.
However, there are also downsides that go along with remodeling. Surprise expenses are definitely a concern when remodeling, whereas the price is listed up front in home buying. Another downside is the potential difficulty of living in the space you are remodeling, although this depends on the location and scale of the project.
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, simply getting clarity on what things will cost is necessary to make an accurate decision. If you want a quote on a remodeling project to better determine if you should build or buy, fill out our contact form today!
