Renovate or Move: Which Is Right for You?
Sep 08, 2022 | Hometown Development
Is your house getting old or in need of repair? You’re probably wondering if you should put the time, effort, and money into renovating it or if you should just sell it and move. Let us help you evaluate those two options, so you can make the best choice based on your unique circumstances.
5 Things to Consider Before Choosing to Renovate or Move
When your home needs updating, choosing between renovating or moving can be difficult. Here are the top five things to consider before making that decision.
Completing home renovations and moving are both things that cost money. The cost of renovations can vary depending on the scope of work that needs to be done and what your wishes for the new design entail. With moving, you obviously make money by selling your current home, but you’ll have to pay for whatever your next accommodations are.
Think about your current mortgage situation, how much money you have in savings, how much you are or aren’t willing to spend, and what you are and aren’t willing to spend it on.
2. Connection to Your Home
Are you emotionally tied to your home? Is your family? To what extent?
These are all questions to ask yourself and reflect on. It can be difficult to move out of the home your child took their first steps in. If you aren’t quite ready to take on that stress during the selling process, maybe renovating is best. If you are ready to move on, then a new home might be the option for you.
Many homeowners love the location of their home, but not the actual home itself. If that sounds like you, you may be more inclined to tackle some renovation projects. If you’re not a huge fan of either, you might be ready to pack your bags and find a new home somewhere else.
4. Real Estate Market
Real estate markets fluctuate — locally, nationally, and even globally. Do some research on the current market conditions near your home to decide if renovating or moving will help you get the most bang for your buck.
5. Timing & Life Circumstance
In many cases, moving isn’t the best choice given the life events you and your family are currently facing. In other cases, moving is the only choice.
Take a second to think about your current life circumstances and maybe even what those might look like in a year or two. Consider things like proximity to work, school districts, mortgage and property tax costs, etc., and how those relate to the choice between renovating or moving.
Pros & Cons of Renovating Your Current Home
Renovating your home can be a rewarding experience to embark on, but it can also be a stressful one for you and everyone else that lives with you. For a closer look at the advantages and disadvantages of renovating, check out the bullet points below.
- You don’t have to part with the place your family has made memories in for years.
- You don’t have to move out of a location you love.
- You can choose which designs, finishes, and decor you’d like to implement.
- You can increase the value of your home.
- You’ll likely feel a huge sense of accomplishment once your projects are completed.
- You’ll spend a lot of time, energy, and money during the renovation process.
- You may run into large structural problems that result in hidden costs and delays.
- You risk losing money on your investment instead of increasing value.
- You may need to find a temporary alternate living arrangement during construction.
- You’ll have to manage the planning, scheduling, and documentation.
Pros & Cons of Selling Your Home and Moving into a New One
Many homeowners dread selling their home and moving into a new one. Others find it to be the best (or only) option given their life circumstances — whether that be outgrowing the current home, relocating for a job, going through a divorce, etc. Here’s a better idea of what the advantages and disadvantages of moving include.
- You don’t need to worry about all the repairs and updates your current home requires.
- You can start fresh with a better home and new investment.
- You can gain a new perspective in a different part of your community, state, or country.
- You can get out of a stressful life situation (divorce, foreclosure, tax delinquency, etc.) — especially if you sell your home quickly for cash.
- You can find a home that’s inherently better suited to your family’s needs.
- You’ll have to look for and purchase a new home or find an alternate living arrangement.
- You’ll have to pay for selling and moving costs like movers, inspections, and real estate fees.
- You might have to give up a location you love.
- You won’t get to choose all of your new home’s designs and furnishings.
- You may have to disconnect from some of the memories made in your current home.
Want to Sell Your Home For Cash and Move Fast? Contact Us
If moving is the right choice for you and your family, and you’re looking to get out of your home quickly, we can help. At Hometown Development, we buy homes quickly for cash, even if they’re not quite move-in ready.
We’ll visit your home, then provide you with an all-cash offer at a fair value — all within just a few days! Feel free to reach out no matter your life situation or the condition of your home. Give us a call at (616) 379-3099 or request a free, no-obligation cash offer here.