If you’re feeling a bit stuck, we feel you! Whether you feel like you’re outgrowing your home or bored with it, we understand the need for change. Regardless if you decide to remodel or move, both are big investments that take a lot of thought and preparation.
To help you decide if you should remodel or move, we’re weighing out the pros and cons so you can make the best decision for you and your family.
Advantages of moving:
- The option to change locations. Moving locations is scary, but it can also open a lot of doors. Maybe you’re looking for a better school district for yours, or need the amenities a suburban area can provide. It’s hard to start over in a new location, but it can also be refreshing!
- Less inconvenience with construction. While moving is a hassle, renovating can create a big inconvenience in your space. Overhauling a kitchen or living room can take weeks or even months, and you might feel you’re living in a construction zone 24/7.
- Less stress with contractors. Renovating typically requires at least one contractor, and the process isn’t always stress free. You often have to work around their schedule, and communication isn’t always 100%.
Disadvantages of moving:
- You risk not getting what you want. It’s hard to find a home that checks ALL your boxes. Renovating a home is hard work, but it does allow you to create exactly what you want.
- It’s time consuming and stressful. It’s no secret moving is a lot of work. It takes weeks or even months of planning, depending on how big the house is and how big your family is.
- It’s expensive. In addition to the costs associated with buying/selling a home, there are TONS of variable costs like moving supplies, quick renovations, etc. that can add up quickly.
Advantages of remodeling:
- You can make it suit you. When you’re remodeling, you’re designing it for YOUR wants and needs. If you’re looking for a home, you might not find exactly what you want.
- You can use home equity for renovation. If you have a lot of home equity, a loan would allow you to use your home as collateral and borrow against its value to use for a remodel.
- You can stay in your location. If you love the area you’re in and can’t see yourself leaving anytime soon, remodeling might be a good option.
Disadvantages of remodeling:
- The chance of unwanted expenses. Renovating seems all fun and games until unexpected costs come into the mix. It’s common to run into unexpected issues, and large scale projects often take more work than you anticipate.
- It’s a lot to keep track of. The same goes for moving, but renovations can be particularly draining, especially when you’re dealing with budgets, contracts, contractors, etc.
- You might not get ROI. You always go into renovations with the expectation of an ROI, but sometimes it doesn’t work out that way. If you decide to go with remodeling, make sure you’re being cost effective.
We hope this helps you make the best decision, to either remodel or move, for you and your family! If you’re looking to sell your home (and quickly), Home Buyers Express can help. We can buy your home for cash. No need for renovations, closing costs, etc. You need to sell, we need to buy! Learn more on our services page and contact us online today.