Is It Time to Move or Renovate? – The 5 Step Guide to Making the Right Decision for Your Family
There comes a time when your home no longer seems to function with your family’s new and expanding needs. Storage is busting at the seams, rooms no longer seem to flow, and frustrations grow when too many people attempt multiple tasks in the same space. When homeowners reach this breaking point, they have to make a decision – move or renovate. Deciding to sell your home and move or invest in a remodel can be a difficult choice for homeowners with many hidden factors to consider. The interior designers and architects at our San Antonio design firm have five easy steps to compare the big move to the big renovation. Let us help guide you in making the right decision for your family. Discover if it’s time to move or time to renovate!
Deciding When It is Time to Move or Remodel
In the last year, we have seen drastic changes in how we use our spaces and design homes to function for couples and families. There is an increased need for private home offices, multifunctional rooms, and recreational areas like home gyms and dens. When deciding if to move or remodel, it is crucial to examine the function and space you need in your home and the community in which you currently reside. Before diving in, ask yourself:
Can your space and storage needs be solved with an addition?
Will buying a new home give you the custom options you want?
Do you feel connected to your community, or do you wish to change locations?
Will a new neighborhood offer you proximity to your work, school, and favorite hangout spots?
Now, let’s look at the five biggest factors at play when deciding to sell and move or stay and remodel.
#1 Determine if It is More Cost-effective to Sell or Renovate
One of the most significant considerations when moving or renovating is determining which option is more cost-effective. While moving may initially seem more manageable and less expensive than redesigning and renovating a home, hidden costs can quickly add up to over $10,000, and tight timelines can cause intense stress. It is important to consider moving and packing expenses, realtor commissions and closing costs, as well as the expense of a new mortgage and any needed home repairs. Homeowners spend over $6,000 on average, just to prep their homes for selling. More often than not, moving fees add up to be equal to or greater than the cost of a small renovation.
When it comes to renovating, the expenses may be less than you’d think. That may be why over 75% of Americans report that they would rather remodel than move. While renovation costs will be determined by the project’s size and the materials selected, a complete home gut can cost around $150,000, with most additions and renovations totaling about $40,000. Homeowners often think they can only fix their homes with large additions and renovations. However, the root cause of your home frustrations may be easily solved with a few easy tweaks. Consider consulting an interior designer or architect who can help plan cost-effective design solutions and save on project expenses.
#2 Research the Real Estate Market Before Moving
Before selling and moving, always research the current real estate market. Consult with a real estate agent and determine if it is a good time to buy or sell and the market’s current offerings. Get an appraisal on your existing home and find out the current rates for your dream home. You may also want to make an appointment with a lender to compare your current mortgage rate with the latest offerings. You may be surprised to know just how much an extra bedroom in your neighborhood costs! Once you are armed with the most up to date information, you can more accurately compare the expenses and benefits of moving with the costs of an addition or renovation.
#3 Have an Emotional Check-in with Your Current Home
While finances and budget are important, don’t overlook the emotional connection to your current home. Sit down with your household and have an emotional check-in. While moving to a new house may seem exciting at first, you may uncover more sentimental connections to your home than you realized. Outweigh past memories like holidays around the fireplace with the current frustrations of poor functionality and outdated style. Is it time to start fresh, or is it time to enlist a designer to help finish what you’ve been building all these years?
#4 Consider Your Current Location and How It Fits Your Lifestyle
While moving to a new house can fix issues of size, flow, and style, it may come with sacrifices in location and lifestyle. When deciding to move or renovate, consider your current location. Can a new place offer the same convenience of a good school district, short commute, proximity to friends and family, or walkability to your favorite neighborhood haunts? Many homeowners may want a larger space, but they cannot afford bigger properties in their neighborhood and don’t want to move across town. Consider if a larger house is worth changing your lifestyle or if it would better serve your needs to create an addition to improve your current home.
#5 Think About the Benefits of Investing Where You Are
Before making a move to a new home, consider the benefits of investing in your current property with a renovation.
- Moving is stressful. 60% of Americans report that moving is the most stressful life event, surpassing not only home renovations but also divorce. Staying put and living through a remodel may actually be less stressful than you thought.
- Moving expenses can add up fast. Consider investing the thousands of dollars in moving costs and realtor commissions into a renovation that will increase your home equity.
- Renovations add value to your home. Creating an addition or updating your floor plan can add instant equity back into your property.
- Remodels allow you to customize. With a designer’s help, you can get your dream space that functions and matches your style perfectly. A move doesn’t guarantee a fix for your current problems.
A renovation may seem like a daunting task, but you don’t have to plan or do it alone. Start by getting the help of an expert architect or interior designer to help assess your space and find practical and stylish solutions. Contact us for assistance with your home remodel today.
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