You’ve probably stayed in your house for several years, but your family’s needs keep on growing. So, you are left wondering whether you should move or renovate your current home. Your decision will depend on several factors, including the costs involved.
In this guide, we’ll look at some of the factors to consider to help you make an informed decision on whether to move or renovate your home. You’ll also get to learn the benefits of remodeling your current home and moving to a new house.
Is it Better to Move or Renovate?
If your house no longer fulfills your interests and lifestyle, choosing whether to move to a new home or renovate the existing one can be quite overwhelming. We invite you to continue reading to learn not only about the complexities involved in both options, but also about the benefits.
Renovating Your Home
If you are planning to stay in your current location for a longer time, renovating a home will be a better pick. Other things that may prompt you to remodel your house are when:
- Your current neighborhood offers all the amenities that match your lifestyle.
- You expect the value of homes in your community to rise in future.
- You have enough time and money to renovate your house.
⎆ Benefits of Home Renovation
House renovation comes with several benefits, such as improving your home equity. Here are the other advantages of renovating your house.
- Adds Value to Your Home: With a renovation, you can increase the value of your home by about 10-15 percent. A professional real estate agent can help you determine the value of your home after renovation.
- Improves Your House Selling Price: If you are planning to sell your house in the future, you should plan your renovation carefully. Make sure that you add all the features that can entice your prospective buyers.
- Allows You to Personalize Your House: When you realize that your home no longer satisfies your needs, but you don’t want to move to another house, you can customize and remodel it to suit your lifestyle.
- Helps You Avoid Home Purchase Costs: Selling your home and purchasing a new home comes with many closing costs, such as homeowners insurance and taxes. So, renovating your existing home can help you save on such expenses.
⎆ Things to Consider When Renovating Your Home
Here are some of the considerations that can help you make an informed decision when contemplating whether to renovate your home or not.
- Inspection: Before renovating your home, you should hire a house inspector to check if every item is functioning properly.
- The Cost: Home renovation may cost around $15K-$100K, depending on the type of project. You have to factor in the prices for materials, labor, building permits, professional advice, and building inspection.
- Budget: After knowing the renovation costs, you need to prepare a realistic budget and stick on to it. A financial manager can help you with that.
Moving to a New Home
If both your house and the amenities in your neighborhood no longer suit your lifestyle, you can relocate to a new home in a new area. You can move to the York region homes that have all the essential amenities that can make your life enjoyable.
⎆ Benefits of Relocating to a New Home
Moving to a new house has numerous advantages, which include:
- Fulfills Your Lifestyle Needs: It is no doubt that renovating a home can take longer. So, if you don’t have time to wait for your home to get restored, you can move to a new neighborhood to keep up with your lifestyle needs.
- Relieves the Stress of Renovation: During the renovation, you’ll have to move to another structure and only go back to your house when it’s complete. Thankfully, relocating to a new home can save you from all the stress.
- Improves Your Investment Portfolio: Relocating to a new and better house gives you the chance to improve your net worth through home equities.
So, Will You Move or Renovate?
Now that you understand the complexities of relocating and remodeling a home, you can make an informed decision. Generally, your choice will depend on your financial situation and lifestyle needs at the moment. So, go for the option that best fits your circumstances.
It is our wish that your decision is the right one for you and your family for years of enjoyment in your beautiful home. If you have any questions or comments, we would love to hear from you in the comments below. In addition you will find links to other articles about all things design.
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