Here are four things to consider when deciding to renovate or move.
Often, we receive questions from clients stuck at a crossroad—they don’t know if they should renovate or just move. It’s a tough decision, and there are many factors to consider. That’s why we want to share four things to think about when deciding whether to renovate or move:
1. What need does each option fulfill? Each option can fix different problems, so consider what’s important to you. For example, if you need more space, adding an addition to your home will be time-consuming and costly. However, finishing your basement might be a more realistic option.
2. What type of updates do you want? Look at what it would cost to update your kitchen or bathroom and compare it to the cost of buying a newly remodeled home. Usually, it’s cheaper to make the renovation, but it’s always a good idea to check.
“You can’t renovate your way out of your location.”
3. Can you maximize your return if you move after renovating? Often, we see someone happy with their renovation, but they’re disappointed it didn’t add much value to their home. Think about your return on investment if you decide to renovate. Your Realtor will have great advice about which renovations net you the best ROI.
4. How much do you like your area? You can’t renovate your way out of your location, so consider how tied down you are to the local schools, neighborhood, and community features that change when you move. Fear of change causes a lot of people to renovate instead of move, but you might find a better location right around the corner.
Whether you decide to renovate or move, please call or email us with any questions you may have. We are always happy to help!
