In a nutshell, remodel or move to a new home?
It’s a big question that shouldn’t be answered quickly. There are a few important factors to consider, and while many people are quick to think of it in terms of financial risk or renovating cost, there are more factors to weigh.
Let’s look at the pros and cons of remodeling and moving to help you decide which is best for your situation.
Evaluate What You Want: Pros and Cons of Moving
It’s easy to romanticize the move to a new home or, on the flip side, to focus solely on the stress and cost of moving. Let’s unpack the decision and evaluate what you want; do you want to move or make your home different?
A New Financial Investment
Home equity is a key factor to consider when moving, regardless of the reason. If your home’s value exceeds what you owe, it might be the perfect time to upgrade your portfolio. You could cover the mortgage payoff, closing costs, and moving expenses and even have enough for a down payment on your next property.
On the other hand, if the home is no longer affordable, then it could be time to downsize rather than renovate.
Complacency Solution
This often happens with a “starter” home—when you outgrow the space and your lifestyle or income demands something more fitting. If the neighborhood no longer suits you, the amenities don’t meet your needs, and your home feels more like a burden than a cozy retreat, it might be time to consider moving.
Avoid the Construction
Remodeling is a significant undertaking, and turning your personal space into a construction zone for weeks or even months can be overwhelming. With contractors and laborers constantly moving through your home, and your daily routine disrupted, not everyone can endure that situation for an extended period, despite the eventual rewards.
Those are the benefits of a new home move, but what about the drawbacks?
Moving Costs
After moving your belongings once or twice, you’re more likely to rely on professionals for the job. Moving can be costly, especially when you factor in inspection fees, real estate commissions, and the expenses of home repairs to get your property ready for sale.
Stress
Research consistently shows that a move to a new residence is one of the most stressful experiences, ranking with loss or divorce. Ask yourself if you can juggle the stress of a move along with family obligations, work, and any upcoming life events.
Renovate or Move, Deferred: Compromises on the Market
Even if moving is less expensive than remodeling, is it the right time to sell your house? Will you break even or make a profit? If your decision to move is driven more by avoiding a remodel than by the desire for a new location or home, keep in mind that a new house will still require personalization. While the work may not be as extensive, it’s still a significant effort.
So, would you rather compromise on the inconvenience of a remodel or the inconvenience and potential wealth-building impact of a new home?
Home Remodeling: Benefits of Making Your Home Ideal vs. Remodel Cost
By now, you’ve likely answered the first part of the question: Do you really want to move? Whether the answer is yes or no, you hopefully have a clearer understanding of why.
Now for the second part of that question: Should you remodel?
Let’s start with the pros:
Personalize Your Home
If you love your neighborhood and your home, why move just to accommodate new tastes or a different layout? A remodel allows you to transform the space you already cherish, tailoring it to your ideal style, upgrading specific rooms, or adding a touch of luxury. It’s the ideal way to customize your home without the stress of moving or competing in the market for features most people want.
Increase Home Value
Home equity is a key consideration whether you’re moving or remodeling. By choosing to remodel strategically, you can boost your home’s value—enhancing your equity for when you decide to sell, or simply to strengthen your financial position.
Save On Stress
Sure, remodeling is inconvenient and stressful, but not compared to moving. Boxing up your life, sorting through everything, and then doing it all over again in reverse sounds like a punishment from Greek tragedy. At least with a remodel, the inconvenience is in one location and not an entire home.
How about the downside of remodeling?
Live in a Construction Zone
Disrupting your home and not being able to use a room for weeks or months is annoying, to say the least. On top of that, having contractors and labor crews coming in and out throughout the day can be uncomfortable when you want some peace and quiet.
Delays
Delays happen, running into an unexpected issue in the home or needing to halt work because a specialist is needed for something previously unknown. Even the best-laid plans with experts can run into snags here and there, extending the remodel.
Should I Remodel or Move to a New Northern Virginia Home?
Should I remodel or move? Covering all the big factors to consider, what do you think is the best decision for you?
At Schroeder Design Build, we understand that remodeling is a significant undertaking, so we prioritize minimizing your inconvenience. That’s why we handle everything in-house, offering seamless access to architectural design, construction expertise, and project management. Our integrated approach ensures smooth communication, preventing miscommunication, costly errors, and delays.
Choosing Schroeder Design Build ensures an exceptional remodeling experience for Northern Virginia homeowners. With a comprehensive approach and an in-house team of skilled professionals, you can trust that your remodel will be expertly crafted with minimal stress.
