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Home ownership can be quite rewarding, but what do you do when the home you own no longer meets your needs? Perhaps you have extended your family or are now working from home and need an office space. No matter the reason, you’re left with the decision of relocating or renovating. How do you determine whether you should renovate or relocate? Here are some things to consider.
What about your current home no longer meets your needs?
If your current home no longer meets what you need due to its location, the answer is a no brainer. You cannot renovate your neighborhood nor can you renovate a commute time – these are items that are going to be a constant issue unless you relocate. If the problems with your current home are related to size or function, you do have a choice of whether to relocate or renovate. Determine what needs to be changed to make the house work for you and your family. Do you need an extra bedroom, a larger kitchen, an additional bathroom? Once you can see the scope of work that needs to be done, you’ll be able to get quotes for renovation and weigh the costs against what you will need to spend to move.
Look at the costs
Renovating and relocating have associated costs that can tend to run high, so it’s important to compare the costs and determine how you’ll pay for them once the decision is made. Renovations have labor and material costs that will require bids from contractors in your area. Additionally, you’ll need to take into account costs for building permits, blueprints, architectural fees, inspections, and any unforeseen repairs that may come up. Relocation obviously has the price of the new home, as well as commission fees to the listing agent and buyer’s agent, and cleaning fees and moving costs.
Pros and cons
A beneficial tool to make any decision is to make a list of the pros and cons of any situation. Here are some things to consider when looking at renovating or relocating.
Renovating pros include adding value to your home once the renovation is complete, designing your home to your specifications and needs, and being able to avoid the hassle of packing and moving. Cons are financing the renovation, as well as potentially finding more that needs to be done that might have you go above your budget.
Relocating pros include choosing a new neighborhood that may be a better fit for your lifestyle, finding a newer home that is larger, or a shorter commute to work. Cons include the hassle of packing and moving, the stress that goes into selling a home, and fees that will inevitably incur when changing neighborhoods.
It can be quite apparent when your home is no longer meeting your needs and making the decision whether to renovate or relocate can be difficult. In the end, whether you renovate or relocate, you’ll end up with a home that will suit the lifestyle of you and your family. When you asked yourself if you should relocate or renovate, what was your decision?