How to decide whether to remodel your home or move?
Deciding between renovating your current home or only moving into another can be quite tricky. The fact is that you want to have something that your existing home does not have. To decide whether to remodel your home or move, you will need to carefully examine what you want and how you can get it. There are also other factors that you need to consider, such as emotional attachment and the cost of each venture. Home renovations can get quite costly, but so can relocations. It is up to you to figure out what will fulfill your desires the best, and that is exactly what this article will try to help you with. We will provide you with some things to consider, as well as explain why they are so important.
Consider your needs
The first thing that you need to think about is what exactly is it that you need. Try to make a list of must-have things you want from your new home (remodeled or not) to start things off. After that, you may wish to put in some "nice-to-haves" on the list, as well. This will help you easily find out which option provides you with better results.
Regardless of the answer that you get, you will want to make life easier on yourself during either process. If you are renovating, you may wish to look into some tips for luxury home styling and similar options at your disposal. There will be plenty to do, and you may wish to start considering your options as soon as possible. The more options are on the table, the closer you will be to your ideal renovated home.
But if you decide that moving is the right call, you will need to start preparing for your relocation. There are numerous ways to make your move more manageable, but organization needs to be your priority. To be organized on this important day, you will need to create a moving checklist and do several other tasks. Again, the sooner you start dealing with that, the better. If you want to make the whole process even more comfortable, you may also hire services from a moving company. If you are planning a long-distance move, their help is all but required.
Writing down exactly what you need is the way to go.
The emotional attachment to the house and community
You also need to consider all the years you have spent in your home, all the relationships you've built, and the memories you've created. We tend to take most of these things for granted and only see their value after losing them. For example, great neighbors might not seem like a big deal until you realize how much they liven your world up.
Moreover, if you are taking part in community endeavors and are somewhat active, leaving all that behind might be difficult. Do note that having a good rapport with the community is quite difficult to find these days. If you have something like that, definitely make it a big part of your decision.
However, even with many emotional attachments, it still might be the best idea for you to move instead of renovating. But make sure that you at least acknowledge the things that are important to you before making the decision.
Calculate and compare costs
Another aspect to consider is the cost of each option, and it would be best to compare them by making certain predictions. You will want to make these projections as detailed as you can. Try to include as many expenses as you can remember.
In the case of renovation, that includes labor, hidden costs, permits, and so on. When it comes to moving, you may wish to hire home staging services to help you sell it for more money. And you will also need to get some moving boxes, packing materials, etc. All in all, there will be a lot of different types of expenses, and you would do well to account for most, if not all, of them.
Make sure to calculate the costs properly!
Costs of remodeling your home
The costs associated with remodeling are pretty straightforward:
- Plans and permits - If you are making a change on a structural level, adding more space, or updating the plumbing or electricity, you will most likely need a permit. Depending on the community, you may also need to comply with exterior standards.
- Labor - There will be plenty of tasks to do when remodeling, from demolition to tilework. Labor costs can pile up quite fast, so make sure that you always account for more than you initially consider.
- Materials and additional expenses - Figure out which materials you want to use, and the costs associated with them. There is a lot of variety in both the looks and the cost. You also need to consider additional expenses like a storage unit, dining out, or even a place to stay while your home is being remodeled.
- Financing and hidden costs - If you are not paying with cash and in need of financing options, you will want to include those costs. It would be best if you considered whether loans are an option and how interest might affect your finances down the line.
Before you choose to remodel, consider how much it will cost you.
Costs of selling your home and moving
Selling your home and moving to another place comes with its own set of costs. They are a bit more challenging to figure out than in the case of remodeling. You will need to consider:
- Buying a new home (and upsizing)
- Preparation for the move
- Moving costs
- Agent commissions
Most of these costs are quite variable and depend on a lot of factors. Selling your home is not as easy as it might sound, and neither is relocating to another one.
The best way to decide whether to remodel your home or move is to carefully consider all these factors before you come to a decision. Don't fall into the trap of over-emphasizing one factor and deciding purely based on emotion. Make your decision rationally, and everything is going to be alright.