There comes a time in your life when you contemplate moving home. There are many factors that can facilitate a decision to move home. You need to be in a better school district, relocate for work, need a bigger home, or want a fresh start in a new place that meets your needs better.
However, moving home is not always the best option, especially if you are considering staying in your neighborhood or not moving for logistical reasons. Renovating your home might actually be the best alternative.
A 2021 survey found that over half of homeowners in the US are considering renovating instead of moving, and another survey suggested that 73% of homeowners are more inclined to renovate than move because they love their home and do not want to sell up while acknowledging they need to make changes to it.
And the best part is there are any renovations you can carry out to make the changes you need for you. There are many possibilities, from a full house renovation to a new kitchen and dining room, bathroom upgrades, and even an indoor-outdoor living space.
While it might seem like a big task to undertake kitchen remodeling bathroom remodeling & home remodeling ventures, there are many benefits from choosing this option to moving home. Read on to find out more.
Both options can be costly. There is no denying that, but generally, more remodeling can be much cheaper than moving home. For starters, you don’t need to go through the mortgage application again, nor do you need to pay any fees associated with moving such as real estate fees, closing costs, moving commines, taxes, etc. All you need to do is ensure you have the funds in place to complete the work on your home.
You might even find you can secure funding to carry out the work and not have to find all of the money yourself. Always look into your financing options carefully, including remortgaging, to ensure you are happy with the terms and you can afford to repay any finance you take out without putting your home and credit score at risk.
Stay Where You Are
A big draw for renovating your own home over moving to a new property is that you don’t have to move. If you have put down roots, or your occasion is convenient for schools, medical care, or leisure facilities, staying put as you don’t have to get used to a new area or neighbors, for example, and you get to stay in a place you are happy in and enjoy living.
Of course, this changes if you do need to relocate for any reason, but for those who live in a neighborhood they like and that like their home, renovating allows you to stay put while making beneficial structural changes to your existing home can be a great alternative to finding a new home in a place you are potentially unfamiliar with or doesn’t have all the amenities you might be used to where you are.
There will always be compromises for both renovating and moving home, but generally, if you are renovating, you will have to make fewer compromises. The reality is that even buying a new home won’t guarantee you a completely turnkey home that meets every single one of your needs. And while there will be limitations for renovation works, you get a bigger input into the design and the use of the space you are creating to make sure it fits your needs more exactly than a new house might be able to.
Typically when you move home, you don’t get a choice in the pictures and fittings included in the home. From taps to countertops, flooring, and appliances, these will often be already included unless you are getting in on the ground floor and moving into a home that is in the process of being built.
When renovating, you will get to put your stamp on each and every aspect and ensure that the fittings and options you choose are ones you are happy with and won’t want to change immediately after moving in.
Moving home comes with many different aspects you need to consider, from finding new schools, doctors, and so on to changing addresses, packing up all of your belongings, and transporting them to a new location. It isn’t an easy task, and as such, you need to put a lot of thought and prep work into rearing for a house move.
Renovations on the other hand, while still a disruption are generally on a smaller scale and cause less disruption to your life. This, of course, depends on the type of work you are doing and whether you can live in your home while the work is ongoing. But even if you do have to move out temporarily, you won’t need to pack the whole house up, and you can pop back in for essentials if you need to at any point.
Increased Home Value
Carrying out home renovations to make your home more livable and work for you is the ultimate goal, but there is no denying that the increase in value you can add to your home is attractive too. Many reports suggest that homeowners can look to recoup around 50% on ROI upon selling post-remodeling work. The amount your value increases can be influenced by many factors, including current home trends, the standard of the work carried out, and the upper limit people are willing to pay for certain home types in certain areas. But generally, well-thought-out works can increase the value by a decent amount making most home renovations a good idea.
Renovating your home isn’t an easy task you should decide to carry out on a whim. It takes time and patience, and a lot of planning. However, when compared to moving, renovating can offer you many benefits that moving home can’t and can be the best option for you and your family moving forward.