Moving vs. Remodeling Your Current Home

If your current house isn’t working for you any more, you may be contemplating moving to a new one. The other options are to remodel or accept your home’s imperfections. What makes more sense? Here are some things to think about in regards to the pros and cons of each of these choices.

- Moving: The pros of moving to a new house include that it will be ready and waiting for you and your family. You won’t have to go through a remodeling construction process but can just pack up your belongings and relocate to the new address. Once you’ve sold your place or found a renter to lease it after you’ve vacated the premises, you can take off. New is always exciting, as well. The downside of this approach is that it will be rare to find perfection in an existing home. Building a custom built structure could provide every amenity that a family might desire, but this will take time and be pricey. While newness can be fresh and enticing, there’s something to be said for familiarity, too. Trees and gardens that you’ve tended for years will be left behind, as will friends and neighbors on your block. If you move far from your current address, new physicians, schools and grocery stores will need to be located.
- Remodeling: If a family loves their currently established neighborhood but just needs a bit more space, remodeling the house could provide the answer and be a win-win situation for all. Has the family simply outgrown their space? Adding an extra bedroom, bathroom or family room could be the solution. The upside of this solution is that you get to keep all the things that are “right” about your home and upgrade the things that are lacking. The downside of this approach is that having a construction project going on in a space where you’re living can be stressful. You’ll also want to make certain that you aren’t creating a luxurious addition onto a home in a neighborhood of lower valued houses. You want to be able to get your money back if you need to sell down the road. Do the math; get a few bids for remodeling costs to see if the square footage adds enough value to make it a worthwhile investment. A realtor or internet home value site should be able to provide listings of comparable sales in your area in order to give you some figures to contemplate.
- Accept imperfection: It’s important to do a bit of self reflection in order to decide whether your family can afford moving or remodeling. Consider whether the next grander house will end up feeling unsatisfactory for one reason or another, as well. Remember the old adage “no matter where you go, there you are.” It’s quite true when it comes to switching locations. If one is trying to jazz up their life or fix a broken relationship with a housing change, they’ll need to rethink their motivation. If after doing some soul searching, you still find that the actual reason for wanting to move or remodel is due to a true necessity, then get going. Crunch some numbers, then either hire a builder to start hammering or rent a truck to begin moving.