If you’ve lived in your current home for a while, you may be feeling ready for an update. It can be challenging for you and your family to decide whether to renovate or relocate to a new home and neighborhood.
Repainting a room can do wonders for a home, but perhaps you have some rooms that need to be completely renovated. The kitchen and the living room may need major improvements to accommodate your growing family, or perhaps an entirely new room needs to be added.
On the other hand, you might be thinking about the benefits of relocating to a new home in a different neighborhood. Here are some factors to consider to help you make an informed decision.
Cost and Value of Choosing to Renovate or Relocate
Two of the main factors to help you decide between renovating or moving are cost and value. Look at the type of renovation project you would need for your current home and determine if you have the budget for it. Which part of the home will you renovate, and why? How can you improve the appearance and add functionality? Will your renovations ultimately add value to the property? These are only a few questions that should come to mind when determining the cost and value of a renovation project.
Relocating will also come at a price. Look at the steps involved in selling your home. Shop for homes that meet your needs in neighborhoods that you like. What will a new home cost? Plan for the down payment, home inspection costs, attorney’s fees, and closing costs. You may need to hire a professional moving service for help. Will the cost of the new home be a better value than renovating your current home? You will also want to look at the effects of moving. Are your children open to the idea of changing schools? Look at the amenities that you currently have nearby and decide how important they are to you.
An Effective Way to Help You Decide
One effective way to help you make a decision is to make a side-by-side comparison chart. Do this by estimating the total cost of the renovation project, which may include demolition costs, permits, architectural plans, materials, labor, and at least a 10 percent cushion for any unexpected issues that may arise. On the other side of your chart, record relocation costs. Include real estate agent fees, mover fees, deposits, cleaning fees, and travel costs in the total.
Add the pros and cons of each choice to your chart. Will you have a longer commute to work? How far away are your favorite restaurants? If you have children, look at the locations of playgrounds, libraries, and schools. When you have completed your comparison chart, you may find that one option will meet the needs of your family better than the other.
Renovate or Relocate: Deciding What is Best for Your Family
These are only a few factors to consider when deciding to renovate your current home or relocate to a new neighborhood. A side-by-side comparison chart is an effective tool to help you make an informed decision. However, you should also keep in mind your family’s comfort, happiness, and peace of mind in the decision you make.