The decision to move to another property may be a straightforward one for some homeowners who are no longer content with the space they’re inhabiting, while others may consider making some changes to their home in order to make it more livable. But how can you decide which is the right way forward for you?
To help you make an informed decision as to whether you should relocate or renovate, here are some common pros and cons of both:
The pros of relocating
- Change your financial position
Relocating may enable you to buy a bigger home in a better area, while downsizing could help you save money on home expenses.
- Relocate to an area you love
If you hate where you’re currently living, or really want to experience a different part of the country or state, relocating is the only way to solve this dilemma.
- Avoid the disruption of a renovation
Moving can be stressful, granted, but large scale renovations can be incredibly disruptive, and often for months at a time; this may not suit you or your family.
The cons of relocating
- Costs can get high
There are a lot of costs associated with moving home, and real estate commissions, hiring movers and repairs – to name but a few – can quickly mount up.
- It can be immensely stressful
Some say moving home is more stressful than getting a divorce, and while this may be entirely subjective, there’s still no doubt that relocating is a stressful period in anyone’s life.
- The market may not support your move
Sometimes, even if you really want to relocate, the right property simply isn’t there, or isn’t available at a price you can afford.
The pros of renovating
- You can stay right where you are
If you love your neighborhood and the area of the state that you currently live in, renovating enables you to stay right where you are. That means the kids can stay in the same school, which is a significant factor for some families.
- Your home can become your dream home
Renovating gives you the opportunity to make your home into exactly what you want it to be, and truly future-proof it so that you never need to move again.
- You can increase the value of your home
If you renovate your kitchen and bathroom alone, you can significantly increase the value of your home, and make it more attractive to buyers, too. Extra bedrooms and basement conversions are other popular ways to add value to a property.
The cons of renovating
- Living amongst the rubble
Without alternative accommodation (which can get costly and inconvenient), living in the midst of a gut renovation is no joke, and some families simply wouldn’t be able to cope.
- There’s a chance you won’t get a great ROI
While the majority of home renovations that have been professionally carried out, do pay off in the long term, some do not, and as with most things in life, there are no hard and fast guarantees.
Ultimately, the decision to renovate or relocate should be one that is discussed at great length, and with all concerned parties. More and more people seem to be going down the renovation route, and provided you select an experienced renovation company to help you revamp your home, there’s every reason it could turn out to be the best decision you could ever make.