Should You Move or Renovate? Nine Important Considerations to Weigh Up
Deciding whether you should move home or renovate can be a tough decision. But by checking out the following nine important considerations, you will be able to make a well-informed decision that best suits your lifestyle, your emotional needs, and your financial situation.
1. Assess the Costs
Start by sitting down and crunching the numbers. Moving can be a costly affair when you consider everything - realtor fees, closing costs, moving services, and so on. But renovation can be costly too and the exact home improvements costs will depend on your specific plans.
So, weigh up the costs of each so you can better determine which option makes the most financial sense.
Also, when it comes to moving expenses, remember you can keep your costs down by getting multiple quotes. Using services like 9kilo can simplify this task - it's a go-to solution for the best national moving companies.
2. Think About Timing
Consider how long each option will take. Buying a new home and moving in could take months. Similarly, sketching out renovation plans and hiring a contractor could also eat up significant time. So, it’s important to weigh up the time constraints of each option against their respective benefits.
3. Consider Your Lifestyle
What works for your lifestyle?
If your current location is perfect for you, such as being near your place of work and excellent schools, then renovating might be the best bet. But if there are issues like traffic noise or limited outdoor space which a renovation can't fix, then moving would probably serve you better.
4. Think About Your Emotional Attachment
Your emotional attachment to your home also plays an important role in the decision-making process. Often, we form strong bonds with our homes because of the memories built there over the years. If leaving is difficult to fathom, emotionally speaking, renovating could preserve those cherished memories while updating your space according to your current needs.
5. Consider the Future Resale Value
While considering whether to move or renovate, think about future resale value too. If a renovation boosts the value of your home significantly, it could be worth investing in it.
However, if you're in an area with slow property value growth or if over-improving for your neighborhood is a risk, moving home might be the right move.
6. Be Aware That There Could Be Hidden Renovation Costs
Not all renovation costs are visible upfront. Unexpected issues often surface once work begins, leading to costly repairs. Think termite damage, mold, or outdated electrical systems - for which contractors charge extra.
7. Weigh Up the Potential Return on Investment
Weigh up the return on investment that each option offers. Typically, kitchen and bathroom renovations offer higher ROIs than other types of modifications but make sure these changes align with what potential buyers want.
If renovations aren't in line with market trends and preferences, moving could be the more lucrative choice.
8. Don’t Overlook the Stress Factor
Moving and renovating both demand energy and patience from any homeowner. Often, it's not just monetary but also mental expenditure you need to consider. Whichever choice makes this transition more comfortable for you should be strongly considered because peace of mind is priceless.
9. Carefully Consider Your Long-Term Plans
Finally, your long-term plans could determine whether moving or renovating aligns with your goals. If you wish to age in place, remodeling for accessibility may be essential. But if you're planning on expanding your family or having room for future opportunities, opting for a bigger house elsewhere could be the answer.