Top Reasons to Remodel Instead of Moving
It happens to everyone: you look around and realize that you need more space. Maybe you need a nursery or an office. Perhaps the bathroom is outdated or the kitchen drives you crazy.
Then you say it.... “Should we move?”
Those are words that can send even the calmest person into panic. So, how about not moving? Unless you physically need to relocate for work, it can be a godsend for you to stay where you are and improve the space.
Here are some of the top reasons why a remodel can be better than moving:
Cost - It can cost upwards of $50,000 to move. That includes the moving materials, movers, fuel, time lost from work, etc. That doesn’t even take into account the realtor fees, attorney fees, and other non-recoverable costs that you might incur.
Time - A move can take weeks to months depending on how much and how far you’re moving. If you need to move everything cross-country, it can take a week just to make the drive, granted you’ve already secured a new home.
Someone else’s problems - Your home inspection might find complications with your new home. Moreover, the inspector isn’t looking at personal quirks such as a large counter to bake holiday cookies or if there’s enough outlets in the office. All of these are problems you have already sorted out in your home. Do you really want to start that again?
It can be trying - Moving is always an upheaval, particularly for your children. No matter how much they’ve told you they hate where they’re living, chances are they may not want to move. Finding new places to shop, finding new friends, all of this can be upsetting once it’s upon you.
Renovation can take less time - The truth is that a renovation can take less time than most people think. Even a complete kitchen makeover can take as little as 6 weeks.
Renovation is less expensive - With all of the fees and expenses that go into a move, renovation is almost guaranteed to be less expensive. A renovation can cost as little as $5,000. You can barely pay real estate agent fees for that.
Renovation adds value - A move is a lateral concept, but a renovation is an improvement on the home you already own. It will make your house more valuable to potential buyers down the road. The fees, expenses, closing costs, etc. of a move are simply lost. It is much better to increase your equity and value than to flush the money.
Two mortgages - If you move into your new house before the old one sells, you will need to pay both mortgages. In an unpredictable housing market, you might get stuck with two mortgages for a long time.
Double move - If you need to move out of your existing home before your new one is ready, you might find yourself in a hotel or an apartment for an indefinite length of time. Sometimes, due to construction delays or even just weather, people have had to pay for extra housing costs.
You never know - No matter how many websites you check, how often you visit, you might never really know if the place you are moving to is a good location until you live there. A nice looking neighborhood might be hiding a high crime rate or the smell of a paper mill that you have to suffer when the wind blows from the east.
Before you start looking for a new house, look at your current home and see if some renovations will make the house better. This can save you thousands of dollars and an incredible amount of stress. Contact a professional for a consultation to talk through your needs and ideas, you’ll be glad you did.