Putting a budget on a remodeling project is hard for most homeowners. Without past experience remodeling your home, how could you come up with a...
Remodel or Move: 6 Reasons Remodeling May Be Better
Should I move or remodel my home? Learn the 6 reasons why it may be better to remodel than move.
Remodel or Move: 6 Reasons Remodeling May Be Better
Remodeling your home can be an intimidating move for many homeowners. Many people, understandably, are uncomfortable with the prospect of remodeling and would rather move to a new house to get the upgrade they want out of their home.
As the people who perform design and remodel projects every day for homeowners, we want to tell you that remodeling to upgrade your home is possible and is a viable option if you are looking to move.
So before you put the “FOR SALE’’ sign out in front of your home, weigh your options to see if remodeling your home is the right move for you.
Remodeling may not be the best option
There may be times when remodeling is not the right move for your family. Oftentimes, moving into a new home is the correct move for you and your family. This could be to relocate to a better school district, move to accept a new job, or expand your physical space. Remodeling is not the only option available.
1. Moving is a Hassle and can be Costly
The moving process is expensive; costing upwards of several thousand dollars to move your possessions to another location. Each moving company is different, but ask anyone who has used one; they can cost a pretty penny.
The hassle of boxing your possessions can be time-consuming as well. It takes hours of time to box them and find a place to put them in your new home.
The process of finding, touring, and purchasing a new home is a hassle too. You may have to take time off of work, schedule babysitters, or drive for hours just to say no to a home tour the second you see the neighborhood.
Remodeling your existing home allows you to avoid this stressful and time-consuming process.
2. Remodeling gives you complete design control
Choosing to remodel your existing home allows you to design the space to your liking.
Going through the design phase of a remodel project can be an enjoyable experience if you are a detail-oriented person who also wants to learn about the design-build process.
Moving into a new space that is already upgraded with modern fixtures, was not designed by you, and may not be exactly what you were looking for in terms of layout and design.
3. A new home will cost more than your existing home
Moving into a new home that has already been upgraded and modernized will likely cost much more than the existing home you are living in.
Rather than moving, remodeling the existing home you are living in will cost money to accomplish, but, it will not cost nearly as much as the amount in upgrading to a new home.
You will also have the same mortgage payment because you are staying in the same home vs having a much larger mortgage payment in the new house.
This lower mortgage payment will mean having less of a month-to-month payment that you have to factor into your budget.
4. Home remodeling increases your existing home’s value
With home prices continuing to rise, remodeling your home will put you on the positive side of an already increasing housing market.
If you want to sell your home in the future, a remodel will give you a boost in your rate of return.
The amount of increase you will see in the valuation of your home will likely be more than the cost of a home remodel.
Some great remodel options that will increase your home’s valuation include
- ‘Pull and Replace’ kitchen remodel
- Finishing a basement
- Creating a dedicated home office space (Great for working from home!)
- Adding or repairing an aging deck
5. Avoid real estate commissions and other fees
When selling your home and moving, there are commissions and other fees that you must pay.
For example, a real estate commission goes to the real estate agent who sells your home.
Typically, their commission is 5-6% of the sale price of the home. So, if you sell your home for $250,000, the commission for the real estate agent can be as much as $15,000.
In addition to the commission that is paid to the real estate agent, there are closing costs that both the buyer and seller must pay. These can range between 1-3% of the sale price of the home.
Fractionally, it is insignificant but for a large sale price, it can amount to several thousand dollars that you are responsible for.
6. Sentimental reasons
Whether you are a kid who learns the tough news that you are moving, or you love your neighbors and the surrounding neighborhood, moving to a new home can be tough.
Your family has lasting memories in a home after living there for years. Moving to a new home will leave a lasting impression on your family leaving only the memories and pictures from the previous home.
Remodeling the existing home will allow your family to continue making lasting memories in your home!
In this article, you learned some reasons why remodeling your existing home may be a better option than moving. You now know specific reasons that you can apply to your living situation to see if remodeling is better for you than moving.
For more information about remodeling options available to you here is an article outlining the 3 options you can use to achieve your home remodel. Contact our sales staff to get more information about home remodeling. They would love the opportunity to speak with you!