Houses are rarely perfect. At one point, you will want to make changes or customizations that will fit you and your family’s lifestyle better.
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You may need another bathroom, request a new bedroom for an upcoming baby, or simply desire a more modern look for your home. A question then is raised: should you move out or settle for remodeling your home?
To help you through the decision-making process, here are some pointers to keep in mind.
Factors You Need to Consider
Both moving and remodeling houses are big projects that require a lot of time, effort, and resources. You don’t want to overlook a crucial detail that may limit or expand your options regarding your house. Before weighing the pros and cons of both choices, add the following to your mental checklist.
Budget
Money is always a crucial factor when it comes to all kinds of purchases. Remodeling requires labor, materials, and often, direction from a professional. On the other hand, moving houses involves multiple realtor costs aside from labor and packing materials.
Research is a must for both projects, especially if you plan to move out of state. If you’re moving out of Florida, for example, you need to learn about new tax laws in your new community and search for moving companies Tampa residents can rely on.
Location
Where your house is situated has a significant influence on your life within and beyond the home. Accessibility and security are only some of the factors that rely heavily on a property’s location. For example, living in a house near your place of work can save you so much time compared to those who need to drive or commute to and from work.
Value
Firstly, the value of a house goes beyond its real estate price. Remember, people create memories inside a home, so the property also comes with sentimental value. Some houses have been in the family for generations. Some people see houses as real estate investments. Either way, the value you attach to a home can make or break whether you go with remodeling or moving.
Skills and Resources
How much you know about the remodeling and moving process can affect your decisions. For example, if you’re handy with a hammer and know how to attach fixtures and other similar construction work, you can save on labor and conduct a DIY project. In this manner, you can improve your house and save money at the same time.
Weighing the Pros and Cons
Considering all of the factors above, you can now make a more informed decision on which route to take. Here’s a quick guide on what to do to help you choose between moving and remodeling.
Determine the Scope of Each Project
The first questions you need to ask are: what do you want to change? And why do you want to change it? Get a piece of paper, go through the rooms, and list down the things you want to change. By doing so, you get a clearer idea of what you need.
Afterward, ask yourself: can these issues be more efficiently addressed through remodeling or moving? For example, if a room feels too cramped or dark, repainting the wall with light colors and adding another window may solve the problem. If, however, the issue lies in the number of rooms that need to be fixed or the available backyard space—things not easily addressed with remodeling—it’s time to consider moving to a new house.
Find Out the Numbers
The question that hangs above these types of big projects is whether you can afford it or not. After all, the last thing you want is to start a project and then put a stop to it because you realize your budget isn’t enough. Hence, you need to get as much information on how much such projects would cost.
Start by asking friends and peers who may have renovated their homes or moved houses. Consult with professionals like contractors and real estate agents. Aside from labor and commissioning fees, consider the prices of materials and set an allowance for unforeseen expenditures. Bear in mind that these prices fluctuate based on the market, so take this into account as well.
Consider Short-Term and Long-Term Effects
Always consider how remodeling your home or moving houses will affect your family. If you plan to remodel your home, there may be a lot of construction noise, and you may need to use another part of the home as temporary storage at first. Meanwhile, if you decide to move, your family may have to move far away from close friends and neighbors.
Don’t underestimate the house’s emotional value as well. If the home has a lot of sentimental value, you may regret letting go of the family home and weigh you down emotionally in the future.
Meanwhile, as an investment property, new homes are often better investments than older ones. That said, a developing neighborhood and the future construction of establishments and roads can significantly influence market value. With that in mind, it may be better to hold off moving first.
Overall, it’s essential that you extensively weigh how remodeling or moving may affect your family physically, financially, and emotionally in the future. After all, the desire for change often stems from a desire for a better standard of living. Carefully consider the points above to help you find the best decision for you and your family.