If your home is no longer fulfilling your needs, you may be stuck with a crucial question: Should I remodel or move? While each of these options offers unique benefits, the right choice for you will come down to cost, location, and amenities.
In this article, we’ll compare remodeling and moving to help you pick the best option for your family’s needs.
When To Remodel
Remodeling may be the right choice for you if it’s more cost-effective than moving. There are many expenses associated with moving, including real estate commissions, repairs, title insurance, closing costs, overlapping mortgages, and even the cost of the move itself. After comparing these costs to the cost of your desired renovations, remodeling your home may be the obvious choice.
Additionally, remodeling your home will increase your return on investment if you sell your home in the future. In this way, it can serve as an investment in your future.
Finally, remodeling may be the right choice if you like the location of your home and/or find sentimental value in the home that you’re not ready to give up. In these cases, remodeling to suit your family’s new needs is likely a great option.
When To Move
Remodeling isn’t always the answer. Though the cost of moving is significant, as listed above, remodeling is also associated with many expenses, including permits, labor, materials, and architectural planning. Especially, if the value of your home has risen significantly since you bought it, moving may be the smarter financial choice.
Additionally, if you’re ready for a change of scenery or want to live in a different neighborhood, moving can provide the benefits that you’re seeking.
The team at Total Design Source can ensure that your home renovation project goes off without a hitch. Contact us today for more information!