Maybe your growing family is starting to make you feel like you have outgrown your house. Or your children are all grown up and you are dealing with the empty nest syndrome. You might be considering downsizing. However, moving out is not everyone’s first thought. For some, changing their surroundings and decorating the new place are exciting ideas. But, what if the idea of relocation stresses you out? You may feel lazy just thinking of packing your whole life, or you really like your environment, although the house is not really a good fit anymore. In that case, you are probably puzzled between wanting to move out or remodel your home.
Fortunately, we have other recommendations and advice. Searching for a new place isn’t the only way to upgrade your living space. Why don’t you consider remodelling the existing structure? There are several factors to acknowledge in order for you to weigh in these options. When you ultimately decide on what would work best for you, you can adjust to your new home in no time. You’ll have to think about your emotional bond to the house, whether renovating will be a good investment and your budget. These and other determinants will help you make your choice.
How to choose whether to move out or remodel your home?
Remodelling can be as exciting as buying a new property, and it could save you a lot more money than moving. Relocating usually cuts through a family’s budget — even selling your current home is costly. This is so partly due to home prices rising drastically in the last two years. There was a 6.9% increase in April 2018 in comparison to the previous year. And another increase of 5.2% by May 2019. Here’s what experts believe are the main factors that determine whether to remodel or research the market for a new home.
If you love your neighbourhood, you don’t necessarily need to leave. Remodelling can be a positive change for your family.
Alt A small white house with red roof being held in a woman’s hands
1. The emotional bond
Your memories and your personal sentiment will take a great part in your decision whether to move out or remodel your home. The best way to meditate on your emotions is to think deeply about all the aspects of your current living situation. Consider your relationship with your neighbours. Ask yourself if there could be anything better than your current location and neighbourhood. If you have a strong attachment to the area, chances are you won’t be moving. Then renovating is the right answer for you. Examine the possibility of hiring a residential architect. A professional may envision home decor with upgrade possibilities you cannot see. This project could help you optimize the functionality of your home and love it even more.
2. If you can crunch numbers realistically, then you are one step closer to deciding if you want to move out or remodel your home.
Realistic budget preparation is crucial when deciding on your home’s future, whether you are selling or renovating. For example, if you have $50,000, you have to think about what you want before you start ordering materials. Don’t change your mind after an experienced contractor says they can do it for the agreed amount. A common mistake. People’s wishes change suddenly, and when the finished product is not what they imagined – the budget is already gone. That happens because of indecisiveness, so before you start remodelling, research thoroughly and figure out what your likes and dislikes are.
Alt Measuring expenses literally and with a calculator
Budgeting accurately will be crucial when you are choosing whether to move out or remodel your house. It’s essential that you know what you want.
3. Spaciousness or effectiveness?
A comfortable three-bedroom home can be reimagined to a more efficient four bedroom family home. This kind of remodel allows a family to have more rooms without moving to a house with more room. Present your floor plan to a designer and find out the best home decoration tips for your space. However, if you can’t create another room, it may be time to sell and search for a new place.
4. What if other factors decide whether to move out or remodel your home instead of you?
What if the issue in your current home is that you can’t afford it anymore for whatever reason? Then the question of whether to move out or remodel your home is already answered. Moving and downsizing in the process becomes a necessity.
5. How long will the renovation take?
Depending on what you need to do, you could be living with the noise and dust of a remodel for a long time.
- A full kitchen intervention with new counter tops, cabinets, appliances and floors can last from three to six months. Even longer with plumbing.
- A new bathroom needs two or three months to fully emerge.
- Adding another room will require a month or two of your time. Be prepared for anything and be very, very patient.
Alt Buckets of different paints like red, blue, white and a hand dipping in brown with a brush.
If you are reluctant to invest in an invasive project like a bathroom or kitchen remodel,
relocation could be life and budget saving!
6. Will you earn back the upfront costs?
Before deciding if you should move out or remodel your home, it would be wise to think about what return on investment you’ll get if you renovate. Ask yourself what the average return on investment for the reconfiguration you want to undertake is. Most home upgrades do not pay for themselves. But with some tips on how to increase your home value, you might recover 80 to 90 per cent of their price. However, note that often home improvements barely cover half of their expenses.
Finally, could selling beat renovation in the long run?
If you’re considering selling your current home and moving somewhere else, we offer some tricks to help you sell your home faster. And for a better price, of course. But there are also some costs to think about. You should live in the new house for at least 5 years after moving in. Why? To recover the costs of taking out a new mortgage and moving. This is vital because it generally takes up to seven years to earn back the money spent during this transition.