If you’re starting to feel a bit dissatisfied with your home, it’s only natural that you may have considered selling up and moving elsewhere for a fresh start. However, don’t jump straight to this conclusion–you could save yourself a lot of money, hassle, and compromise by renovating your current home. Obviously, though, there are advantages and disadvantages to both options, so to clear things up, here’s what the experts think when it comes to comparing renovating with moving.
Budget Considerations
The first thing that you should consider when deciding whether to move or renovate is your budget. Moving costs can be pretty expensive, considering all the realtor fees, closing costs, moving services, and more that will quickly add up. Meanwhile, renovation expenses can also be high, as you’ll have to cover labor costs, planning, and materials. Ultimately, though, all of these prices depend on your location and other factors, so we’d recommend calculating a rough quote for both to weigh up your options.
Timing and Convenience
The timeline for moving depends greatly on the speed of the housing market and availability, which can vary widely. Therefore, finding and securing a new home and going through closing can take several months, especially if demand is high, which might not be ideal. Sure, renovations come with their own potential delays, but they’re generally a more direct route if housing options are limited in your desired area.
Emotional Attachment
While renovating can allow homeowners to maintain aspects of a home that hold meaning, major renovations often require substantial structural changes. Unfortunately, these adjustments can impact the ability to preserve spaces exactly as they are, which may alter the connection to certain areas. So, take some time to reflect on the emotional weight of your home, as you may regret renovating certain parts.
Market Conditions
Assessing the housing market doesn’t just come down to how fast you can sell a property; you’ll also need to consider interest rates, which can sometimes make selling and buying less attractive. Furthermore, they can also drive up housing demand, leading to higher property prices. Therefore, renovating during times of low market activity can be a way to add value to your home while staying put and selling later down the line when the market is healthier.
Customization Potential
It’s easy to assume that renovation means you’ll have more options to customize your home, but don’t overlook how your existing home layout and zoning regulations could limit remodeling options. In contrast, moving may actually allow for more tailored choices if you find a property better suited to your needs. As a result, experts suggest evaluating your customization desires to see if they’re achievable with your current space before you consider renovations.
Lifestyle Changes
When you renovate your home, it can help you to support evolving lifestyle needs, such as by creating new rooms or adding amenities if structural changes are viable. On the other hand, moving could also align with these changes if a larger or more adaptable space is needed. So, it’s a smart idea to think about how you envision your life in five to ten years, helping to clarify which choice fits better.
Property Value Impact
Contrary to popular belief, not all renovations will add resale value. Ultimately, the impact varies based on factors like project type, quality, location, and market trends. Consulting a local real estate expert can help you understand whether your planned improvements will provide a return on investment or if they may not substantially increase property value.
Stress Levels
There’s no denying that both moving and renovating can be stressful, but the type and duration of stress differ. To illustrate, renovations can mean months of noise and disruption while moving requires packing and adapting to a new home. Because of this, experts typically advise that you should consider these stressful impacts carefully before deciding on one or the other.
Environmental Impact
If you care a lot for the environment (and you certainly should,) moving can be made significantly more sustainable with choices like using green moving companies, downsizing, or staying local. In general, renovations are less eco-friendly, although this does depend on the materials used and the scale of construction.
Family Needs
Moving to a new home is often an ideal way to meet developing family needs, especially if certain amenities or school districts are desired. Meanwhile, meeting new family needs through renovations will generally involve adding or dividing spaces, which could be more difficult. At the end of the day, this all comes down to whether your current neighborhood is suitable for the unique needs of your family.
Investment vs. Cost
People often overlook that the costs of moving home aren’t just those that are upfront but also the potentially higher living expenses of their new area. Obviously, this varies widely by location and home type–you might even save money by moving. However, while renovations have associated costs, they generally won’t change your day-to-day cost of living, except perhaps in regard to increased property taxes.
Neighborhood Connection
It’s a sad fact that moving home often impacts routines and social connections, as it might be hard to stay in touch with your previous community. On the other hand, a new neighborhood could enhance your lifestyle if it offers improved amenities and social opportunities, so consider this carefully. Ultimately, though, if staying in your current community is important, renovation may be a more appealing option.
Long-Term Commitment
Both moving and renovating require a level of commitment: moving involves adapting to new surroundings, while renovation involves financial and lifestyle commitments within your current space. Experts suggest thinking about which type of commitment feels more comfortable, as both require adjustment over time.
Quality of Life Impact
Another thing to consider when deciding whether to move properties or simply renovate is the impact on your quality of life. Moving may bring lifestyle changes but doesn’t necessarily ensure immediate improvements, as adaptation periods and adjustments are often needed. Meanwhile, renovations can enhance a current space to better fit your lifestyle, though they come with short-term disruption. So, take some time to weigh up these impacts, as they’re commonly overlooked.
Financial Flexibility
It’s also important to consider the financial flexibility that comes with the big decision of moving homes or renovating. Staging renovations over time to improve liquidity is possible, and it can be more cost-effective, but unexpected costs and delays can affect long-term financial planning. In contrast, moving generally requires a larger upfront financial outlay, so you’ll need to carefully consider which option better fits your current financial situation.
Professional Help Availability
One of the most common mistakes that people make when deciding whether to renovate or move homes is neglecting to do their research on local professional help availability. Both moving and renovating require reliable professionals; for renovations, contractors and designers play a crucial role, while moving involves trusted agents, inspectors, and movers. It’s quite possible that your area will lack one or the other, so do your research, or you could end up stuck.
Personal Vision
The final and, arguably, most important point on this list is to think about your vision for what you want in a home. Yes, both renovating and moving can support your personal vision, depending on expectations, but try to visualize your dream home and ask yourself whether it involves your current home or something completely different. Simply doing this mental exercise will likely be the most important guidance that you need to make a decision on whether you will renovate or move home entirely.