If you need a change of living space but aren’t sure how to approach it, there are many things to consider. You may think you want to start fresh by moving into an entirely new home. Perhaps your current house could be your dream home with some renovations. Here are 4 factors to consider to help you decide whether to renovate or relocate.
Goals to Renovate or Relocate
What are your goals for your living space? Do you need more rooms or more amenities? Would you like to shorten your commute to work? Maybe your kids have moved out and you are looking to downsize. Depending on your reason for the change, it may be clear to you whether you should buy a new house or renovate the one you have. If you still aren’t sure, think about these other factors.
Costs
The costs of both remodeling and moving are significant. If you sell your current home, you may be able to use the profit to pay for a good portion of the new home. However, you don’t know how quickly your home will sell after putting it on the market and you might end up paying two mortgages if there is any overlap. There will also be costs like movers, inspections, appraisals, utility deposits, and more.
Depending on the scope of a renovation project, the costs can be significant. Since you won’t be selling your home, you’ll have to come up with the capital elsewhere. However, in most cases and markets, you won’t spend nearly as much as the cost of a new house. With the right renovations, you’ll add value to your current home if you ever decide to sell.
Community
Your community will have some sway when deciding to move or remodel. If you have lived in your neighborhood a long time and like your schools, grocery stores, restaurants, and parks, it makes sense to renovate your current home. If you aren’t particularly attached to the location of your home or prefer another area instead, looking for a new house might be your best bet.
Renovate or Relocate: The Disruption of Daily Life
Your lifestyle will also help determine what you decide to do. Renovations are more likely to disrupt your daily life for a longer period of time. You’ll have workers in your home and may even have to eat in restaurants and stay in a hotel for a while.
Moving is a shorter but intense disruption of your daily life. You’ll miss work for a few days while you move and you’ll spend time beforehand searching for a house and closing on a new home. You’ll also have to ready your own home for sale in the midst of all the activity.
East Carolina Inspections offers home inspections to customers in Pitt, Greene, Lenoir, Craven, Beaufort, Martin, Edgecombe, Wilson, and Wayne Counties. If you’re buying a new home, contact us to request our services.