Should You Move or Renovate? Three Things to Consider
It’s common to grow tired of your current home. Maybe you have too much empty space now that the kids have left the house, or you’re sick and tired of the outdated living room that you loved so much 7 years ago. One thing is for sure: some things just can’t be fixed by small-scale redecoration! Still, you just can’t decide whether you truly want to move, or if a few renovations would do the trick.
If you’re considering whether to move or improve, here are three things to consider.
Is a renovation able to fix what you really don’t like?
If your biggest issue with your house is something like outdated appliances or a grungy basement, renovation could be the answer for you. However, if you are dreaming of a larger kitchen, it may not be possible. Depending on the layout of your house, it may be quite difficult to expand. Many renovations may appear to be magical, but they are all limited by practical constraints.
Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or larger backyard. These are the kinds of things you might only get by moving.
How much will a renovation cost? How does that compare to the cost of moving to a new home?
All of that will depend heavily on your home, the value of the house you would want to move to, and the extent of the renovations you want to perform. It’s very important to get accurate estimates for each of these, so that you can make the best decision. (This is where a good real estate agent can help!)
Keep in mind, the result of any renovation should be a home you want to live in for a long time.
Beware of compromising versus settling.
No matter which decision you make- renovate or sell- it’s likely that you will have to make a few compromises. Compromise is a part of life, but it’s important to know the line between making a few necessary sacrifices, and settling for something that you aren’t really satisfied with.
For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Would you rather renovate, or find a bigger home that already meets your needs?
Yes, it’s a tough decision. If you’re in the midst of making it, I’d be happy to help! Feel free to contact me, so I can help you make an informed decision, and choose the option that is ultimately right for you.