When it comes to homeownership, wants and needs can change. Whether it’s a growing family, better schools, a change of pace, the nearness to others, or even the size of the yard—the importance of different elements of your house change over time.
A cozy, cute cottage could become cramped and overstuffed once you add a kid or two into the mix. So, the question often becomes, “Do we move, or do we remodel?” The answer has a lot of variables, so Houston has created a list of the pros and cons of each that you should weigh on before trying to make a decision.
Relocating can be an exciting process with a lot of potential for good change. But selling your home and packing up all your belongings is still a challenge in itself. Depending on the state of the current housing market, moving could cost less than say, adding an addition to your house. It’s important to look closely at both the good and the bad sides of moving.
Advantages of Moving
- A new location. One of the biggest advantages to moving is being able to select a new location, whether that means a better neighborhood, a better school district, a larger or smaller home depending on your preferences, or even moving to a lot in the country.
- No in-house construction zone. A large remodeling project can often be invasive, such as a bathroom or kitchen remodel, and can leave you in a state of inconvenience for months. Not to mention, having contractors coming over every day! Moving means you don’t have the stress or worry from the day-to-day construction.
- A familiar process. Chances are if you’re debating whether or not to move or remodel, you already own a home. That means that you are no longer a first-timer when it comes to home buying, which can help calm the nerves. The process of buying your next home will generally be the same, and you can hire a real estate agent and a mortgage lender to help you with any new procedures—such as the selling of your home.
- Buying a fully renovated house. You can purchase a home that has already been remodeled or upgraded to your specifications, meaning you can move in right after closing and not have to worry about any future renovations.
Disadvantages of Moving
- You might have to leave an area you love. Some older neighborhoods, for example, may have all the charm but don’t have houses big enough for a growing family. You might find the perfect house but it’s not in a neighborhood you love.
- You can’t always find exactly what you want. Especially when it comes to your budget and the inventory around town. Right now in Omaha, houses have been selling extremely fast, which can make it harder for you to find the home of your dreams. (But, this could be an advantage when selling your home to move!)
- Moving isn’t cheap. Buying a new house can be expensive, even if you find a deal on the right house. There are still costs to selling your home as well as moving all your belongings. You may also have to consider closing costs on both homes and the potential cost for upgrades in a new home, such as paint or new carpet.
- It can be stressful and time-consuming. Trying to show and sell your house while at the same time trying to find a new home, getting financing, and closing on a new home can be a lot at once. Besides, trying to time it right when houses are flying off the market so quickly? Not always easy.
Renovating your home can be a fun way to make a house your dream home, whether it’s a new kitchen, an updated bathroom, or a larger bedroom, a remodeling contractor can make a big difference to your existing house. However, remodeling can come with its own list of stresses.
Disadvantages of House Remodeling
- A remodeling project can be difficult. The home improvement process can have a lot of factors, especially when you’re dealing with budgets, contractors, designers, and potential delays. Additionally, if the project is pretty intrusive, you may have to live in a construction zone for a few weeks, with lots of dust and workers circling the house.
- It’s not always a money-back guarantee. Most remodeling projects cannot offer a 100% return on your money. According to the 2018 Cost vs. Value Study from Remodeling Magazine, a minor kitchen model brought an 81.1% return on average nationally, but a major kitchen remodels only recouped 59% of the costs during resale.
- You might face some surprise expenses. It’s extremely common to run into unexpected issues when remodeling, which can cause the cost of a home project to soar.
Advantages of House Remodeling
- If you love your neighborhood, you can stay. If you’re debating whether or not to remodel or move, chances are you like something about your current home. Remodeling means you get to stay where you’re at, as well as keep any charm or features you love at your current house.
- Avoid the costs of moving and selling. Instead of realtor commissions and moving costs, spend that money making your current home exactly how you want it. Remodeling isn’t always the cheaper option, but it can be. Make sure to ask your contractor about advice for making a project more affordable.
- You may qualify to use home equity to pay for a renovation. Apply for a home equity loan to see if you can use your home as collateral and borrow against its value to pay for the remodel. This can be less costly and less of a hassle than taking out a new mortgage.
- Your remodeling project can meet your specifications! When you decide to remodel your house, you get to choose exactly how everything is created and finished. You may find a house that’s newer or recently been updated, but none of them will be designed just for you.
Did You Make a Decision?
You probably already know you need more space or a new configuration, the hard part is deciding the best way to achieve it. There are so many factors when it comes to whether a remodel or a move is the right choice for you, but we hope this pros and cons list helped.
If you’re looking for more guidance on what would be the best option for you, why not talk to Houston Services and find out how much it would cost to renovate your home the way you want it? Whether its home additions, kitchen remodels, bathroom renovations, or even adding more storage solutions, Houston is here to help!
We are a locally owned general contractor ready to take on your remodeling project!