Should I move or remodel?
Move or remodel?
The question that drives homeowners crazy—should I move or remodel? The question is both exciting and scary. On one hand, both options lead to renovated homes. On the other hand, both options come with a lot of stress and require dedication and time. We’ll help you consider both options thoroughly
Consider the following aspects:
Do you like where you live?
The first thing to consider is simple. If you've lived in the same home for 15 years and love your neighborhood then you might want to stay. Your children may have developed neighborhood friendships, you might be near your office or school, and maybe your neighborhood community is all that you could have ever wanted.
A sudden move will put those small perks in the past. Sure, you’ll eventually adjust and sure your new home could work even more to your favor, but is that a risk you're willing to take?
It is very important to consider the big picture. The question “should I move or remodel?” defaults the home to the foreground and forces all other factors to the background. Ultimately, surroundings, friendships, and convenience play huge roles in your everyday life.
Consider your budget
The decision to move or remodel is not one that should be made on a whim. Instead, you'll need to think long and hard about your budget for both choices. If you plan for your home to undergo significant remodels than you'll probably need the help of a professional remodeling company. Choose a company and get an estimate for how much your project would cost. Make sure to account for materials as well!
When it comes to moving, it'd be a good idea to get a valuation on your home. You can get one from a realtor and check with your neighbors since your home's value is probably similar to theirs. Then, you can weigh that value with the values of the new homes you find. Of course, it's important to consider mortgage rates, along with your current mortgage. If you plan to move into a bigger home, you should consider increased utility and energy costs as well.
In the end, the two choices don’t intertwine as much as you’d think. Additionally, potential increases in home value based on a remodel should not be a major factor in your choice to stay or move. A remodel will increase your current home’s value somewhat, but probably very little. A kitchen remodel can add some value, but the others? Not so much.
Think about time consumption
Lastly, consider the amount of time and effort that each option will require. Depending on the complexity of the project, it could be a few months until your home is fully functional again. By the time your home remodeling project is completed, you could've probably been settled into a new home.
Moving is definitely a pain, but it's also exciting. In fact, remodeling and moving both come with great anticipation, it’s just up to you as to which is more important for you. It will take a longer time for you to decide on a new home than it will for you to choose a remodeling contractor. They're both important decisions, but it’s safe to say that a new home is a more important decision than choosing a contractor.
There is less pressure in picking the right contractor than there is in picking the right home. Chances are, your contractor will meet or exceed your expectations, but a new home is a long-term investment for which you will be completely responsible.
There is a lot to the decision: should I move or remodel? We completely understand. In the end, you’ll probably end up going with your gut. Just make sure you can afford whichever decision you make, and make sure you consider the overall living situations for you and your family.
If you would like an estimate to see where you stand from a remodeling standpoint, call Nadine Floor Company at (469) 666-4530. We offer expert remodeling services for all parts of the home. We will walk you through pricing, timelines and project details. Please visit our website—nadinefloors.com—and our blog for additional input.