There are many factors to consider when choosing between remodeling your house and buying a new house. Here are some key points you, as a homeowner, should keep in mind when weighing your options.
Remodeling a House vs Buying a New House or Moving
Should you remodel your old house or move to a new house? Your real estate agent will say it’s time to move, but what is the best decision for your family? Here are some topics to consider when deciding to renovate or move.
Cost
Consider the cost of remodeling versus the cost of purchasing a new home. Get estimates from contractors for the renovations you want, and compare product and labor costs to the potential costs of buying a new home. Moving is a significant expense, especially when considering closing costs, moving expenses, and potential renovations or repairs needed in a new home. Many people find they save money by renovating and staying in their existing home.
Current real estate market
Evaluate the local real estate market. For example, if it’s a seller’s market, you might find it challenging to buy a new home at a reasonable price. Conversely, you may have more options and negotiating power if it’s a buyer’s market.
Depending on the condition of your current house, will you need to complete a remodeling project so it competes with other homes for sale on the market? If so, will completing the home renovation inspire you to stay in your existing home? Ask yourself these questions.
Emotional attachment
Consider your emotional attachment to your current home. Are you deeply connected to the neighborhood, your neighbors, or the memories you’ve made there? Moving can be emotionally taxing, especially if you have strong ties to your current home.
Space needs
Do you need more space in your current home? Do you have enough bedrooms for your family? If your family is growing, or if you need additional living space for a home office or hobbies, remodeling might not be enough to accommodate your needs.
Location
Evaluate the location of your current home. Is it close to schools, work, amenities, and other essential facilities? Moving to a new home might mean sacrificing certain aspects of your current location for others.
Future Plans
Consider your long-term plans. Are you planning to stay in the area for many years, or is there a possibility of relocating in the near future? Your future plans can influence whether remodeling or moving makes more financial sense.
Home Search Time Investment
We’ve already discussed moving costs but have yet to mention how time-consuming a home search can be. The homebuying process can also be physically and emotionally exhausting. You may feel like you found your dream home only to be outbid by another buyer. Plus, getting a new mortgage can be stressful.
Overall Timeline
Consider your timeline for making a decision and completing any renovations or taking on the moving process. If you need to make changes quickly, remodeling might be a more feasible option than selling your home and purchasing a new one.
Quality of life
Consider which option will improve your overall quality of life. Whether it’s staying in a familiar neighborhood or enjoying the benefits of a newly renovated space, prioritize what will make you happiest in the long run. If you’re looking for customized solutions for your family, keep that in mind throughout your decision making process.
Return on Investment
Research the potential return on investment for remodeling projects versus the potential appreciation of a new home. Some renovations may add to the resale value of your current home, while others may not provide a significant return when it comes time to sell.
According to independent studies, exterior home remodeling projects yield an impressive return on investment. Upgrading your windows and doors to more energy-efficient models can increase your home value. In addition, new siding and replacing your old roof can make your home more attractive – whether you decide to stay or move.
By carefully considering these factors, you can make an informed decision about whether remodeling your current home or moving to a new one is the best choice for you and your family.
Whether you decide to stay and renovate or renovate and sell, RJW Exteriors can assist you with all your exterior remodeling needs in Northern New Jersey. RJW Exteriors has 29 years of experience with window and door replacement, residential roof replacement, and siding replacement. We use premium brands, including Provia, CertainTeed Pro, LP SmartSide, and James Hardie. Contact a member of our team today to schedule a free consultation.
Key Takeaways: Factors Many Homebuyers Consider When Deciding to Move or Renovate
- Costs to renovate
- Costs to move
- Emotions
- Home prices in their local area
- Space needs
- Location
- Future plans
- Moving headaches
- Timeline
- Quality of life
- Return on investment
