If your current home no longer meets you and your family’s needs, you may be considering a move. Another option is to renovate your house, but then you’ll need to navigate living in a construction zone while the updates are made. Here are some things to think about when you are deciding whether to renovate or relocate.
Attachment to the Neighborhood
When deciding if you want to renovate your home or purchase a new one, take your neighborhood into consideration. Are your kids close friends with the children next door? Maybe your current neighborhood is in a desirable part of town with great amenities.
Ask your family how much it matters that you stay in the same location. Some of the things you should discuss include your commute to work, the locations of parks and libraries, and how close you’d like to stay to your regular stores, restaurants, and health care providers.
Cost May Help You Decide to Renovate or Relocate
Budgeting for Renovations
If you need to add another bedroom or if you’d like to build the kitchen of your dreams, do some research into the cost of such renovations. Take into account building permits, materials costs, hiring a contractor, and possibly the cost of staying in a hotel or short-term rental while the work is being completed.
Depending on the type of renovations, you may be able to take on some of the work yourself. This will save you money but may result in the project being finished more slowly. You may also need to request time off of work to complete your renovations.
Costs of Moving House
If you decide to put your home on the market and shop for a new house, there will be costs involved with this decision as well. You’ll need to purchase boxes and packing materials, hire movers, and pay for some repairs to get your house ready for the real estate market. When purchasing a new home, be prepared to pay for a home inspection as well as escrow and closing costs.
Deciding to Renovate or Relocate
Make a list of the goals you’d like to achieve with your living spaces. Decide what you want for the future. Are you expecting your family to grow? Do you want to live out your retirement years in the same home? Also, think about how you hope to use your property. Would you like to entertain more frequently? Perhaps you want to create a plan for moving an elderly parent in with you. Take the time to write a description of your dream home and your goals. Sometimes, simply seeing your ideas on paper will help you make the right decision to renovate or relocate.