Costs to Renovate or Relocate
The expenses involved are often a major consideration when making a decision about whether to renovate or relocate. Look at the types of renovations you need and research the housing market to determine what decision is best for your family, financially. Make a list of the costs involved. For example, renovation may require that you purchase new fixtures and paint, have inspections of the property, pay for permits, and hire professionals to complete the work. Depending on the extent of the renovations, you may also need to plan for short-term housing while the work is being done.
On the other hand, moving involves preparing your current home for sale. It’s possible you’ll need to budget for some minor improvements, like adding a coat of paint or replacing old, damaged carpet. You’ll also need to hire a real estate agent, have the property appraised, pay for a cleaning service, have a down payment ready, and make a plan for hiring movers.
Living in a home for a length of time fosters emotional attachment to the neighborhood. Your home may be near your kids’ school, your place of work, and other amenities such as parks and shops. In this case, before you decide on whether to renovate or relocate, consider the convenience of your neighborhood. It may not be the best option to relocate to another town if you have close friends nearby, and you’ll be increasing the distance to your workplace or kid’s school.
The Real Estate Market Will Affect Your Decision to Renovate or Relocate
Current real estate market trends are important for determining whether to renovate or relocate. If it’s a buyer’s market, you may not get as much from your home as you had hoped. In a seller’s market, you might find that new homes are selling quickly and for high prices, making it harder to buy. Talk to your real estate agent to understand the local market.
Moving can feel overwhelming and stressful. It means starting over in a new place. On the other hand, remodeling your home involves living in a construction zone. Look at the needs of your family and how each decision might affect family members.