Deciding Whether to Renovate or Relocate
Updated: Dec 6, 2022
After some time in a house, many homeowners find themselves with a growing family and different needs at home than they did when they first purchased the property. At this point, you have to decide whether you’ll renovate or relocate.
It’s important to weigh your options carefully so that you make the right decision that meets your needs. Read on to discover some factors to consider before choosing to make renovations or buy a new home.
Costs Associated When You Renovate or Relocate
In order to pick the most economical option between renovating and relocating, you’ll have to compare the cost of each project. You’ll need to set aside a budget to buy new fixtures and materials, pay your renovation contractors, and possibly even money to rent an apartment or hotel room temporarily while revamping your property.
If you decide to relocate, get ready to pay a real estate agent to help you sell your current home and movers to transport your possessions to your new home. Go for remodeling if you estimate that the relocation process will be more expensive.
Time and Convenience
Assess the amount of time it will take to renovate or relocate and determine how disruptive each will be. This comparison will help guide you towards making the right decision.
Your home may need whole-house renovations, like adding square footage and updating major systems and components. It’s nearly impossible to live in a home that’s undergoing serious renovations. If this is the case, you’ll need to look for an alternate rental space for your family during the renovation.
Apart from minor inconveniences such as packing and unpacking, moving can prove to be less cumbersome than whole-house renovations. A move is a short-term inconvenience rather than weeks or months of being displaced from your home.
Future Plan When Deciding Whether to Renovate or Relocate
Your plan in the coming years will help you decide whether to renovate or relocate. Evaluating where you are currently and where you intend to be in the next five to ten years is essential.
If your family is still growing, you’ll likely need to renovate unfinished spaces like a basement or attic or build an addition to your home to accommodate your family members. Because of this, relocating to a new home may be a better solution.
At some point, you may get bored living in the same neighborhood and want to move to another area with different community amenities, including parks, schools, sports centers, and shopping malls. If so, relocation might be best.
However, red flags such as a high cost of living can make you think otherwise. If you already love your neighborhood, the surrounding amenities, and the home you’re in, invest in renovations that will make your home more functional for your family long-term
Finding It Hard To Decide Whether To Renovate or Relocate? Get Professional Help
Get professional assistance from a real estate agent and contractor. Talk to an agent about your local market to see how much inventory is available and what your home may sell for, as this could be the deciding factor.
Contact at least three renovation specialists to give you estimates on the work you need to be completed to stay in your current home. The contractor will assess your needs and give you an idea of the scope of work and cost to renovate your property.
360° Home Inspections offers home inspections to Northern Colorado. Contact us to schedule an inspection when you are buying a home.