Should You Renovate or Relocate?
As the housing market continues to rise in favor of sellers, you might be asking yourself if it would be better for you to renovate your current property or is moving a better choice?
Unless you built a custom home, you probably have a long list of things you’d like to see improved in your current home. Scrolling through online listings make it easy to envision packing up and moving into a new home that better suites your wants and needs. However, binge watching HGTV might have you ready to start a large home renovation to improve your current living situation. The answer to renovation vs. relocation depends greatly on what you’re trying to fix.
Wanting a new kitchen.
If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen could be the way to go. Kitchen renovations give you incredible ROI (return on investment) and could cost less than moving. You’ll increase the value of your current home if you ever do decide to its time to sell. There is also a great sense of accomplishment that comes with building the kitchen of your dreams.
Needing more space.
If you are running low on space, you do not have many options. If you need more sleeping spaces, converting an existing room to a bedroom doesn’t create more room in the house, but it could be a quick solution to your problem. Adding an addition to your home is a possibility, but there might be rules and restrictions on what you can do and how much you can add. Also, additions can be very spendy once all permits and plans are made. Moving might be the best option in this case.
How is the neighborhood?
Is the neighborhood what you hoped it would be? You may have seen some potential for your neighborhood when you first moved into your home, but perhaps it still isn’t welcoming shops and restaurants like you had expected. Maybe the neighbors aren’t as great as you had hoped they would be, or the school district is going down hill. If your neighborhood is not a place you are excited about living in, then it might be a good idea to move. However, if you love the neighborhood, but not your home, renovating your space would make the most sense.
If you still need help deciding if renovating or relocating is the best option for you, give me a call. I would love to help you with more pros and cons.