Think about it: choosing between relocation and renovation is one of the most challenging things for a homeowner.  

On the one hand, a new home can increase your quality of life by giving you new opportunities and more space. On the other hand, remodeling allows for a new and more personalized home’s physical appearance. 

Understand that whether you are moving or remodeling, you should consider time constraints, procedure costs, and individual preferences. 

Nevertheless, here are some more vital tips from the experts at Habermehl Contracting to make this decision easier for you.

Evaluating Your Current Home’s Limitations

This is the first step. Start by defining your home’s deficiencies to determine the most suitable option. Is your office space overcrowded? Does it look old and stuffy, or do you want to experiment with change? 

Knowing your home’s drawbacks can help determine if there are issues that could be fixed by redesigning it or if relocating would be the better option.

Consider which limitations would make a difference to enhance your daily work. You may require another room because of an expanding family, a large and improved kitchen, or a working-from-home space. 

It may help to write down the basic requirements for a home and your wish list; this will ease the pressure when considering a home. For instance, an outdated or dysfunctional kitchen may be renovated to create your dream kitchen, however, if the backyard is too small to meet your needs, the house may not be a viable option.

Determining what your home lacks is a good starting point for considering whether a remodel would be beneficial or whether the time has come to consider new construction.

Cost Comparison: Moving vs. Remodeling

Another essential consideration when moving or renovating is how much it will cost you. Relocation is not cheaper than people would want to think; you should keep in mind to factor in the realtor fee, closing cost, and moving expenses.

In addition, the cost of a new house often involves additional expenditures to fit your preferences. However, remodeling has drawbacks; in fact, it may even cost more than initially planned, given certain inconveniences. You may run into unforeseen issues or structural damage that you didn’t forecast in your initial thoughts. This can set you back financially as you need to repair these items.

You should consider getting a quotation for both options when comparing the costs. Search for remodeling costs for all the improvements you want to make, then compare them to the overall moving costs, including the price of homes in areas you want to move to. 

Some people might assume that staying and remodeling is financially wiser than moving. While it may be for some people that if you have not seen your home value increase and compete with the market, then moving will be cheaper financially.

Using strategies such as this will lead you to make the best financial decisions for yourself in the coming months or years.

Consider the Long-Term Investment

It is wiser to consult a professional like the professionals at Habermehl Contracting about the overall value of each of these options. Home improvement can be beneficial if you concentrate on the areas that will generate more in-sales value, like the kitchens, bathrooms, and bedrooms. If you plan on selling your house, remodeling will make it more appealing to other people.

However, moving may be a better long-term investment if the place you live in now is not appreciating in value. Moving will provide that change if your current living environment or the neighbourhood is no longer suitable for change.

Whether to opt for a remodel or move should be based on the current needs and future financial plans. Determining which option has the highest chance of generating a better return for your situation is important.

Emotional and Lifestyle Factors

The decision to remodel or move involves emotions and lifestyle choices. If you bond with the neighborhood and feel cozy, then it would be much better for you to remodel your house. 

Often, such emotional connections can be challenging to change. Remodeling allows you to make your home better suited for what you need while staying within an area you are familiar with.

However, moving will provide that change if your current living environment or the hood is no longer suitable for change – for example, longer hours on the road, the absence of convenient stores, or a need for a large space for children and/or pets. 

Getting what makes you comfortable and happy daily in your home may not be physically possible. That said, ask yourself if you are ready to endure such inconveniences and stay put or if there’s a better place to start anew.

Finally, knowing what you actually feel comfortable with would give you direction as to whether it’s more effective to proceed with remodeling the house or move to a different home.

Market Conditions and Timing

You also need to consider the current real estate market before you either remodel your house or relocate. If it means high prices of homes and multiple buyers competing for the several available listings, then selling your home could help you get the best price possible for your property and proceed to get another home. 

However, the same applies to buying in the same market; you have to pay a higher price for your next home, so the financial side also has to be considered.

Perhaps there are more homes for sale than buyers, also known as a buyer’s market. In that case, you may prefer moving to get a better deal. However, if flipping your existing house is difficult in such a market, upgrading may be a better option until the market iterates. 

A real estate agent has first-hand knowledge of the market in your area to advise you on whether it is the right time to sell and stay put or whether it would be more financially intelligent to invest in upgrading your house so that it can sell quickly in the future.

Planning and Making the Final Decision

Understand that the final decision will come from you. Designers, architects, and other professionals may give their advice, but the final choice will come from you. 

Most people decide whether to move or remodel depending on their choice of preferences, costs, and needs. Changes come with a fresh start, and you may get a new place with better conveniences. 

However, finding new housing, selling your current house, and then setting up a new one is a huge hassle. While renovating, one can feel the familiar home environment. However, getting a new home will ensure customization to fit one’s desire.

Think hard about this: What do you and your family really want? If one chooses a fresh start by moving or redoing the house, go with it. It’s essential to determine what will make them happier in the future.

Let Habermehl Contracting  Help you decide 

Are you still on the fence about this? Don’t worry. The professionals at Habermehl Contracting understand that this can be a tough decision to make. Take time to think through everything discussed here and make the final decision in due time. 

When you settle for a move or remodel, just know our team of experts have the knowledge to make your dream come true. With custom renovations and entire home construction, they are standing by to turn your home into your ideal space. Get in touch today to learn how to design a just right home for you.